The Kenyan tech-enabled insurance company uses technology to increase access to affordable insurance with a seamless and customer-centric approach.
Turaco has announced the acquisition of micro insurance company MicroEnsure Ghana to make the West African country its fourth market.
Turaco’s B2B2C business model leverages partnerships with tech-enabled, mass-market companies such as telcos, banks, and fintech to provide easy distribution and insurance management.
The startup raised a US$10 million Series A round last year and expanded into Nigeria and Uganda. It has now started operating in Ghana after buying MicroEnsure from MIC Global. Under the deal, MicroEnsure will rebrand as Turaco Ghana and retain the existing team’s expertise and leadership. The acquisition is part of Turaco’s long-term vision to provide simple and accessible insurance to one billion people.
Ted Pantone, Turaco co-founder and CEO, 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 with 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.”
“Turaco Ghana is a fantastic team with lots of enthusiasm and, most importantly, expertise for this next chapter, which we’re confident will make this transition period seamless for our partners and customers.”
MicroEnsure was the pioneer microinsurance intermediary in Ghana, providing insurance for low-income earners, and the first to launch mobile insurance through Tigo in 2012 and Airtel in 2013, serving three million customers.
Leona Abban, general manager of Turaco Ghana, said: “As a pioneer of microinsurance in Africa, we focused on making an impact while providing affordable insurance to low-income customers. Over our 15-year history, our inclusive approach has benefited three million Ghanaians with the safety net of being insured. As we move into this next growth phase as Turaco Ghana, we look forward to leveraging our in-market experiences to improve our approach further and capture additional segments of the market that have historically been excluded.”