Kenyans have today gotten an avenue for ease of access to quality healthcare through a health insurance solution that matches their individual financial capabilities. A flexible monthly premium payment plan has now been availed to facilitate financing for health insurance products which can be chosen from 30+ Kenyan underwriters.
This has been made possible through a collaboration between mTek, a digital insurance platform and Finclusion’s TrustGro, a microfinance company. The initiative secured funding of $1.52 million (Sh 170 million) which grants Kenyan Citizens access to health insurance plus other general insurance products without feeling overburdened by the one-off cost of the insurance premium.
During the signing of the partnership mTek CEO Bente Krogmann noted that many Kenyans are forced to spend their income on unexpected healthcare needs.
“mTek believes in the mandate to support Kenyans to gain financial independence. We need to put a stop to the fact that most Kenyans foot their medical bills with cash. This is costly and creates cash-flow uncertainty. The solution will allow Kenyans to spare a foreseeable amount every month for their medical and also other insurance needs without carrying the burden of the premium payment all at once while still being protected from day one.”
By collaborating to provide Kenyans with affordable insurance premium financing, TrustGro CEO Tonderai Mutesva said that the MFI will be able to deliver on its promise.
“Knowing that you are protected against anything unforeseen gives you a strong sense of security. That’s why everyone should be able to afford basic health insurance or any other type of insurance to protect their assets. This is in keeping with our mission as TrustGro which is to help enhance the quality of life of our customers through simple, convenient and appropriate financial services” Tonderai Mutesva said.
Majority of Kenyan households have generally shied away from taking up healthcare and also other general insurances owing to the prohibitive high one-off cost. They can now gain access to quality healthcare services through the flexible monthly premium payment plan which can be as low as Sh1,000 monthly.
