Turaco, an African tech-enabled affordable insurance company, acquired MicroEnsure Ghana, a microinsurance company, from MIC Global.
The amount of the deal was not disclosed. MicroEnsure will rebrand as Turaco Ghana and retain the expertise of the existing team and leadership.
The expansion increases Turaco’s operational markets to four–Kenya, Uganda, Nigeria, and Ghana–and active policies by 25%, provide an to bolster partnerships with incumbents, and develop a strategic reinsurance partnership with MIC Global, one of the leading micro-reinsurance businesses in the world.
Led by Leona Abban, General Manager, Turaco Ghana (formerly MicroEnsure) is a microinsurance intermediary providing insurance for low-income earners. It launched mobile insurance through Tigo in 2012 and Airtel in 2013, serving 3 million customers. In 2020, the company provided insurance protection to 4,000 Micro, Small and Medium Enterprises in Ghana, with free comprehensive life and business protection in partnership with the United Nations Capital Development Fund. In 2020, the company launched a health protection plan for customers of Vodafone Ghana.
Launched in 2019 by Ted Pantone, CEO, Turaco uses technology to increase access to affordable insurance. Its B2B2C business model leverages partnerships with tech-enabled, mass-market companies such as telcos, banks, and fintechs, to provide distribution and insurance management. The company embeds its service as a white-labelled 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, the company 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.
FinSMEs
19/09/2023