Insurance Technology (InsurTech) company, Turaco, in partnership with M-Kopa celebrate a significant achievement of insuring more than 16,000 emerging market customers in Kenya.
The two (2) firms joined forces to launch a bundled insurance product for M-Kopa customers and direct insurance sales representatives that provides nightly cashback in case of hospital admission and pays out to the next of kin in the unfortunate event that the insured passes away.
Also, the partnership between the two firms seeks to provide M-KOPA customers and direct sales representatives with a safety net against financial shocks caused by unexpected health risks.
Furthermore, Mr. Erick Donasian Massawe, the General Manager of M-Kopa, disclosed that partnering with the InsurTech company Turaco has increased their digital financial service providers.
“Partnering with Turaco provided us with the opportunity to extend our digital financial services and build on our commitment for inclusion and access.
“Providing people with affordable health and hospital insurance is an example of how we are always looking for innovative ways to create a positive impact.
“We are proud to have over 16,000 M-KOPA direct sales representatives, customers and their families benefit from this partnership so far.”
Mr. Erick Donasian Massawe
Also, the CEO and Co-Founder of Turaco, Mr. Ted Pantone expressed his delight in the tremendous outcome of their partnership with M-Kopa.
“We’re impressed to see such great results with this partnership. M-KOPA has been a great collaborator, and we’re happy for the opportunity to empower thousands of lives and more in the future through them.
“Now more than ever, our work at Turaco is crucial, urgent, and in huge demand, especially because we continue to witness healthcare emergencies all over the world in the wake of the COVID-19 pandemic.”
Mr. Ted Pantone
Additionally, the financial health insurance cover dubbed “Hospital Cash & Life Insurance”, forms part of M-Kopa’s financial innovative model that helps customers to afford health insurance.
M-Kopa’s financial insurance model is designed such that payments to health insurance in integrated into other insurance product premiums. This prevents their customers from distinctly paying separate fees as in the case of other insurers.
Also, the direct insurance sales representative enjoys these benefits freely because they are staff members.
Mr. Massawe, further disclosed that since the partnership with Turaco in 2019, Turaco has been able to insure more than 100,000 people and paid over 3,000 claims in an average turnaround time of fewer than 3 days.
“If this traction is anything to go by, then the traditional model of insurance is truly missing out on a great opportunity to provide services to emerging market consumers.”
Mr. Erick Donasian Massawe
Additionally, Turaco’s approach illustrates that, low-income earners face risks frequently, and it is because of this that they are more willing than other groups to pay to protect themselves and their loved ones, Mr. Massawa disclosed.
Mr. Massawe stated that this latest milestone comes off the back of Turaco’s recently concluded $2M series seed investment round in 2020, led by Novastar Ventures.
Also, Mr. Massawe disclosed that as the company continues to drive growth in its current locations (Kenya & Uganda), demand for simple and affordable insurance is expected to steadily increase.
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