Turaco, the African insuretech distributing affordable insurance, is proud to announce it has surpassed 1,000,000 lives insured. Turaco raised a $10m Series A in September 2022, and is using that investment to grow rapidly. Operating in Nigeria, Kenya, and Uganda, Turaco provides access to a much needed safety net against financial shocks to mass market consumers.
350,000 of those protected by Turaco signed up in the last 3 months as part of a newly launched partnership with Airtel Money Uganda and Prudential Uganda. The rapid customer uptake reinforces the demand for Turaco’s innovative and customer centric products and approach. From a simple 2-step USSD sign-up process to an average 15 hour turnaround time on claims processing and payment, the Airtel Hospital Sente product is designed to be simple and easy to use.
89 million Africans face a catastrophic health event annually, spending up to 10% of their income on a single event, and health shocks push 14 million Africans into poverty each year. This is in part because < 2% of people in East and West Africa have access to insurance. Turaco expands access to affordable and simple insurance products. They do this by forming partnerships with top tech-enabled companies such as M-KOPA, Paga, One Acre Fund, and Vision Fund, to design white-labeled products. Customers are then able to sign-up and pay for insurance as they buy these other products or services.
Ted Patone, CEO and Co-Founder, Turaco said, “We founded Turaco with a vision to insure the next 1 billion people. Surpassing 1 million customers is an important and validating milestone in that process. More importantly, this number represents a million individual mothers, fathers, children, and community members that have access to better health care and improved financial resiliency as a result of Turaco insurance. We are excited to continue on our path to 1 billion people insured.”
Turaco provides simple and affordable insurance solutions for emerging markets and is a distributor, broker and key customer interface between the underwriter and the consumer. Turaco achieves this by forming partnerships with leading tech-enabled companies with a large pool of emerging market consumers, e.g. ride-hailing apps and solar pay-go companies. These collaborations help Turaco design and distribute unique insurance products for the partners’ consumers while integrating with existing payment processes to collect premiums.