Turaco, Africa’s tech-enabled affordable insurance company, has made a significant stride in its mission to provide accessible insurance to 1 billion people by acquiring MicroEnsure Ghana, a pioneering microinsurance company, from MIC Global.
The acquisition brings a wave of positive changes, with MicroEnsure rebranding as Turaco Ghana while retaining its experienced team and leadership.
This strategic move bolsters Turaco’s operational presence across four African countries, including Kenya, Uganda, Nigeria, and now Ghana, increasing its active policies by 25 percent. Customers, both new and existing, are set to benefit from enhanced tech-driven processes that promise quicker claims payouts and optimized services.
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The acquisition also paves the way for strategic partnerships, including a reinsurance collaboration with MIC Global, a prominent micro-reinsurance firm. This development aligns with Turaco’s long-term vision of driving innovation into a market with one of Africa’s highest insurance coverage rates.
“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,” Ted Pantone, Co-founder & CEO of Turaco said.
“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,” Pantone added.
Despite Ghana boasting one of the continent’s broadest insurance coverage levels, more than 10 percent of its population still faces financial hardships due to health-related expenditures.
Turaco Ghana aims to address these challenges by streamlining insurance access and claims processes, making insurance more user-friendly.
Leona Abban, General Manager of Turaco Ghana, highlighted their commitment to inclusivity, said “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.”
Turaco Ghana, formerly known as MicroEnsure, has a rich history as a pioneer of microinsurance in Ghana. Over the years, it has served millions of low-income earners, offering innovative solutions such as mobile insurance and comprehensive life and business protection.
With Turaco’s technology-driven approach, its B2B2C business model leverages partnerships with tech-enabled companies like telcos, banks, and fintechs, ensuring easy distribution and insurance management. Claims are processed within just three days, thanks to proprietary algorithms.
