Kenyan Insurtech Turaco Acquires MicroEnsure to Deepen Insurance Coverage Across Africa
Kenyan micro-insurance company Turaco has announced the acquisition of MicroEnsure Ghana, a pioneering company from MIC Global.
The acquisition is part of Turaco’s long term vision to provide simple and accessible insurance to billions of people across the African continent.
Under the deal, MicroEnsure will rebrand as Turaco Ghana and retain the expertise of the existing team and leadership.
Speaking on the acquisition of MicroEnsure, co-founder and CEO of Turaco Ted Pantone said,
“This deal marks a significant milestone for our growth and expansion strategy for Africa and a strategic move to drive innovation into a market that has one of the continent’s highest insurance coverage rates. We are excited about the opportunity of building on the 15-year legacy of MicroEnsure and leveraging our customer-centric tech solution to provide affordable and accessible cover”.
Also speaking on the acquisition deal, Co-Founder and COO of MIC Global, Harry Croydon said,
“I and delighted to partner with Turaco as they take over management and operations of MicroEnsure Ghana. We are confident that our micro-insurance products and the unique Turaco model will drive continued success in providing millions of customers the insurance safety net they need”.
Turaco’s acquisition of MicroEnsure now increases its operational markets to four which include Kenya, Uganda, Nigeria, and now Ghana.
The startup’s new and existing customers will benefit from improved tech-driven processes, which will reduce the turnaround time of claims paid out and optimize service offerings.
The acquisition will also provide an opportunity for Turaco to bolster partnerships with incumbents and develop a strategic reinsurance partnership with MIC Global, one of the leading micro-reinsurance businesses in the world.
Launched in 2019, Turaco uses technology to increase access to affordable insurance with a seamless and customer-centric approach.
Turaco’s B2B2C business model leverages partnerships with tech-enabled, mass-market companies such as telcos, banks, and fintechs, to provide easy distribution and insurance management.
The startup embeds its service as a white-labeled offering that is bundled with a partner’s core product or service, integrating with their existing payment processes to collect premiums.
Leveraging its proprietary algorithms, Turaco ensures claims are processed within 3 days.
Through its active partnerships, Turaco has designed and delivered a suite of bespoke insurance packages, including medical, life, asset, and vehicle insurance; that have already covered over 1,300,000 lives across Nigeria, Kenya, Uganda, and now Ghana.
Turaco’s mission is to insure a billion people within the next 25 years, doubling the number of insured people globally.
