Turaco has announced the acquisition of MicroEnsure Ghana, a pioneering microinsurance company from MIC Global.
Under the deal, MicroEnsure will rebrand as Turaco Ghana and retain the expertise of the existing team and leadership. The acquisition is part of Turaco’s vision to provide simple and accessible insurance to 1 billion people.
The expansion increases Turaco’s operational markets to four i.e. Kenya, Uganda, Nigeria, and Ghana and active policies by 25%. New and existing customers will benefit from improved tech-driven processes, which will reduce the turnaround time of claims paid out and optimise service offerings. The acquisition will also provide an opportunity for Turaco to bolster partnerships with incumbents and develop a strategic reinsurance partnership with MIC Global, one of the leading micro-reinsurance businesses in the world.
Turaco Ghana (formerly MicroEnsure) was the pioneer microinsurance intermediary in Ghana, providing insurance for low-income earners and the first to launch 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, it launched a health protection plan for customers of Vodafone Ghana.
Launched in 2019, Turaco uses technology to increase access to affordable insurance with a seamless and customer-centric approach. Turaco’s B2B2C business model leverages partnerships with tech-enabled, mass-market companies such as telcos, banks, and fintechs, to provide easy distribution and insurance management. Turaco 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, Turaco 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