Driving investments in Africa’s healthtech

The health insurance sector in Eastern Africa has faced challenges with low penetration rates, particularly in Kenya, the region's largest economy with a penetration rate of just about 3 per cent. To address this issue, companies are turning to insurance technology to revolutionize the sector. One such company leading the charge is M-Tiba, a part of the Carepay International Group. Pieter Prickaerts, Managing Director of M-Tiba, highlighted the importance of transparency and affordability in leveraging technology to enhance the accessibility and quality of health insurance products. According to Prickaerts, technology plays a crucial role in driving down costs and improving the overall user experience in the healthcare industry. By utilizing real-time data insights, insurance companies can enhance their service delivery and product offerings. Through M-Tiba's software platform, insurers, members, and healthcare providers can interact digitally, streamlining administrative processes and enabling faster payment processes. The shift towards digitalization and automation not only leads to lower costs for insurers but also empowers users with greater transparency and real-time information on their insurance benefits. By providing insights into usage patterns, cost breakdowns, and available services, M-Tiba is enabling more affordable and accessible health insurance products for millions of Kenyans. One of the key challenges in achieving universal health coverage in Kenya is the need to reach a larger segment of the population. Currently, only a small percentage of Kenyans have private or public insurance, leaving many vulnerable to financial distress during health emergencies. Technology, as emphasized by Prickaerts, is essential in scaling up insurance penetration and making healthcare more accessible and affordable for the masses. M-Tiba's innovative approach has not only enhanced the efficiency of insurance processes but has also facilitated the development of more affordable insurance products. By connecting millions of members, insurance companies, and healthcare providers through their platform, M-Tiba has been able to offer products at a fraction of the traditional costs, making insurance more inclusive and transparent for all. Prickaerts emphasized the importance of creating simple and trustworthy insurance products to boost uptake among the population. By offering affordable options and increasing transparency, M-Tiba has been able to reach a wider segment of the Kenyan population. Through partnerships with insurance companies and healthcare providers, M-Tiba aims to bring over 10 million Kenyans into the insurance pool, ensuring that more individuals have access to essential healthcare services. The transformation of the healthcare sector in Kenya through innovative insurance technology is paving the way for a more inclusive and efficient healthcare system. With the continued efforts of companies like M-Tiba, the vision of universal health coverage in Kenya is becoming more attainable, offering hope for a healthier and more secure future for all citizens.