MicroEnsure Ghana, a pioneering microinsurance company, is set to undergo a transformative change following its acquisition by Africa’s leading tech-enabled affordable insurance provider, MicroEnsure. The acquisition, which comes as part of MicroEnsure’s long-term vision to extend straightforward and accessible insurance coverage to a billion individuals globally, will see the company rebranded as Turaco Ghana while retaining the expertise and leadership of its current team.
This strategic move expands Turaco’s operational reach to four key African markets, including Kenya, Uganda, Nigeria, and now Ghana, bolstering its active policies by an impressive 25 percent. This development is expected to bring significant benefits to both new and existing customers, with enhanced tech-driven processes aimed at reducing claim turnaround times and optimizing service offerings.
Furthermore, this acquisition opens doors for Turaco to strengthen partnerships with industry incumbents and forge a strategic reinsurance alliance with MIC Global, a renowned leader in micro-reinsurance globally.
read also Ghana’s Aya Data Secures Pre-Seed Funding for Ethical AI Revolution
Ted Pantone, Co-founder & CEO of Turaco, expressed enthusiasm about the deal, stating, “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. 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.”
Ghana, as per 2021 census data, boasts one of the highest insurance coverage levels in Africa, with more than 60 percent of its population holding either the National Health Insurance Scheme (NHIS) or private health insurance. However, millions of Ghanaians still lack access to healthcare, with over 10 percent facing significant financial hardships due to yearly health expenses. Those who do have insurance often grapple with complexities and slow claims processing.
Leona Abban, General Manager of Turaco Ghana, reflected on the company’s history of pioneering microinsurance in Africa, stating, “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 3 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.”
read also Kenya’s Businesses Poised for Huge Pan-African Trade Growth
Turaco Ghana, previously known as MicroEnsure, has been a trailblazer in microinsurance intermediation in Ghana. It was the first to introduce mobile insurance through partnerships with Tigo in 2012 and Airtel in 2013, serving a substantial customer base of 3 million. In 2020, the company extended insurance protection to 4,000 Micro, Small, and Medium Enterprises in Ghana, offering comprehensive life and business protection in collaboration with the United Nations Capital Development Fund. Turaco also launched a health protection plan for Vodafone Ghana customers in the same year.
Harry Croydon, Co-Founder & COO of MIC Global, expressed confidence in the acquisition, stating, “I am delighted to partner with Turaco as they take over management and operations of MicroEnsure Ghana (now Turaco 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, launched in 2019, stands out with its technology-driven approach to make affordable insurance more accessible. Operating on a B2B2C model, Turaco forges partnerships with tech-enabled mass-market companies, including telecommunications, banks, and fintech firms, to seamlessly integrate insurance into their offerings. This white-labelled approach allows partners to bundle insurance with their core products or services, streamlining premium collection through existing payment processes. Thanks to proprietary algorithms, Turaco ensures that claims are processed swiftly, with a commitment to completing claims within three days.
Liquid Intelligent Technologies Improving Connectivity, Driving Intra-African Digital Trade
Through its active partnerships, Turaco has developed customized insurance packages, covering various aspects such as medical, life, assets, and vehicles, reaching over 1,300,000 individuals across Nigeria, Kenya, Uganda, and now Ghana. This acquisition is poised to propel Turaco further on its mission to provide essential insurance coverage to underserved populations throughout Africa.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard