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Turaco, Africa’s main tech-enabled inexpensive insurance coverage firm, in the present day introduced the acquisition of MicroEnsure Ghana, a pioneering microinsurance firm from MIC World. Beneath the deal, MicroEnsure will rebrand as Turaco Ghana and retain the experience of the prevailing workforce and management. The acquisition is a part of Turaco’s long-term imaginative and prescient to offer easy and accessible insurance coverage to 1 billion folks.
The growth will increase Turaco’s operational markets to 4–Kenya, Uganda, Nigeria, and Ghana–and lively insurance policies by 25%. New and current prospects will profit from improved tech-driven processes, which is able to scale back the turnaround time of claims paid out and optimise service choices. The acquisition may even present a possibility for Turaco to bolster partnerships with incumbents and develop a strategic reinsurance partnership with MIC World, one of many main micro-reinsurance companies on the planet.
Ted Pantone, Co-founder & CEO of Turaco, stated: “This deal marks a major milestone for our development and growth technique for Africa and a strategic transfer to drive innovation right into a market that has one of many continent’s highest insurance coverage protection charges. We’re excited in regards to the alternative to construct on the 15-year legacy of MicroEnsure and leverage our customer-centric tech answer to offer inexpensive and accessible cowl.
“Turaco Ghana is a incredible workforce with plenty of enthusiasm and most significantly, experience for this subsequent chapter, which we’re assured will make this transition interval seamless for our companions and prospects.”
Based on 2021 census information, Ghana has certainly one of Africa’s widest insurance coverage protection ranges, with greater than 60 per cent of its inhabitants holding both the Nationwide Well being Insurance coverage Scheme (NHIS) or a non-public medical insurance scheme. But thousands and thousands of Ghanaians nonetheless lack entry to healthcare, with greater than 10 per cent experiencing catastrophic monetary shocks attributable to yearly well being expenditures. Those that do have insurance coverage discover it laborious to make use of, with complicated exclusions and gradual turnaround instances for claims cost.
Leona Abban, Common Supervisor of Turaco Ghana, stated: “As a pioneer of microinsurance in Africa, we centered on making an impression whereas offering inexpensive insurance coverage to low-income prospects. Over our 15-year historical past, our inclusive method has benefited 3 million Ghanaians with the security internet of being insured. As we transfer into this subsequent development section as Turaco Ghana, we stay up for leveraging our in-market experiences to enhance our method additional and seize extra segments of the market which have traditionally been excluded.”
Turaco Ghana (previously MicroEnsure) was the pioneer microinsurance middleman in Ghana, offering insurance coverage for low-income earners and the primary to launch cellular insurance coverage by way of Tigo in 2012 and Airtel in 2013, serving 3 million prospects. In 2020, the corporate offered insurance coverage safety to 4,000 Micro, Small and Medium Enterprises in Ghana, with free complete life and enterprise safety in partnership with the United Nations Capital Improvement Fund. In 2020, it launched a well being safety plan for patrons of Vodafone Ghana.
Harry Croydon, Co-Founder & COO of MIC World, commented: “I’m delighted to accomplice with Turaco as they take over administration and operations of MicroEnsure Ghana (now Turaco Ghana). We’re assured that our micro-insurance merchandise and the distinctive Turaco mannequin will drive continued success in offering thousands and thousands of consumers the insurance coverage security internet they want ”
Launched in 2019, Turaco makes use of know-how to extend entry to inexpensive insurance coverage with a seamless and customer-centric method. Turaco’s B2B2C enterprise mannequin leverages partnerships with tech-enabled, mass-market corporations resembling telcos, banks, and fintechs, to offer simple distribution and insurance coverage administration. Turaco embeds its service as a white-labelled providing that’s bundled with a accomplice’s core services or products, integrating with their current cost processes to gather premiums. Leveraging its proprietary algorithms, Turaco ensures claims are processed inside 3 days. By its lively partnerships, Turaco has designed and delivered a set of bespoke insurance coverage packages, together with medical, life, asset, and car insurance coverage, which have already coated over 1,300,000 lives throughout Nigeria, Kenya, Uganda, and now Ghana.
About Turaco
Turaco is a Pan-African insurtech driving monetary resilience in rising markets with easy and inexpensive well being and life insurance coverage for the underserved mass market. Based in 2019, Turaco is current in Kenya, Uganda, Nigeria, and Ghana. Turaco companions with main cellular community operators (MNOs), technology-enabled corporations and monetary establishments to embed and distribute insurance coverage merchandise to their prospects.
With Turaco, people can safe insurance coverage protection with premiums beginning as little as $1 per 30 days. Turaco processes claims in lower than three enterprise days, making certain prospects obtain their cash once they want it probably the most. With a imaginative and prescient to insure 1 billion lives, Turaco has insured greater than 1.3 million lives and has facilitated the cost of greater than 15,000 claims up to now.
About MIC World
MIC World is a full-stack digital insurance coverage firm that gives embedded insurance coverage for in the present day’s digital world. MIC World’s Lloyds Syndicate 5183 is on the centre of its reinsurance functionality and talent to help companies internationally.
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