MicroEnsure acquired by Turaco: to deepen affordable insurance coverage in Africa
MicroEnsure Ghana, a trailblazing microinsurance firm from MIC Global, was acquired by Turaco, Africa’s largest tech-enabled cheap insurance company. As part of the agreement, MicroEnsure will change its name to Turaco Ghana while keeping its current workforce and management in place. The purchase is a component of Turaco’s long-term goal to offer 1 billion customers simple and affordable insurance.
With the expansion, Turaco’s operational markets will now include four countries: Ghana, Kenya, Uganda, and Nigeria. It will also have 25% more active policies. Improved tech-driven operations will help both present and potential clients by speeding up the payment of claims and streamlining service options. Additionally, the acquisition would give Turaco the chance to strengthen relationships with current partners and create a strategic reinsurance agreement with one of the top microinsurances companies in the world.
“Turaco Ghana is a fantastic team with lots of enthusiasm and expertise for this next chapter, which we’re confident will make this transition period seamless for our partners and customers,” the company stated.
Turaco Ghana’s general manager, Leona Abban, stated: “As a pioneer in microinsurance in Africa, we concentrated on making an impact while offering low-income customers reasonable insurance.
Ghana has one of the highest insurance coverage rates in Africa, with more than 60% of the population covered by either the National Health Insurance Scheme (NHIS) or a commercial health insurance plan, according to census statistics from 2021. However, over 10% of Ghanaians experience catastrophic financial shocks as a result of yearly medical expenses, and millions of people still lack access to healthcare. Those who do have insurance find it difficult to use due to complicated exclusions and lengthy claim processing delays.
Turaco Ghana’s general manager, Leona Abban, stated: “As a pioneer in microinsurance in Africa, we concentrated on making an impact while offering low-income customers reasonable insurance.
Over the course of our 15-year existence, 3 million Ghanaians have benefited from the safety net of insurance thanks to our inclusive approach. As Turaco Ghana enters its next stage of development, we look forward to using our market knowledge to further refine our strategy and reach out to previously untapped market segments.
With 3 million customers served, Turaco Ghana (previously MicroEnsure) was the first microinsurance intermediary in Ghana to introduce mobile insurance through Tigo in 2012 and Airtel in 2013. It offered insurance for low-income workers. In collaboration with the UN Capital Development Fund, the company offered free complete life and business insurance protection to 4,000 Micro, Small, and Medium Enterprises in Ghana in 2020.
Turaco, a startup that debuted in 2019, employs technology in a smooth and customer-focused manner to provide access to reasonably priced insurance. By forming alliances with tech-enabled, mass-market businesses like telcos, banks, and fintechs, Turaco’s B2B2C business model enables simple distribution and insurance management. In order to collect premiums, Turaco integrates its service as a white-labeled offering within a partner’s core good or service and bundles it with it. Turaco assures that claims are processed in less than three days by using its own proprietary algorithms. Over 1,300,000 lives have already been insured by Turaco’s custom insurance packages through its active relationships in Nigeria, Kenya, Uganda, and now Ghana. These packages include medical, life, asset, and car insurance.
