Turaco tech-insurance cover hits 1 million Kenyans

Turaco has hit one million customers through tech-insurance cover targeting everyday earners not able to access alternative products offered by big players in the private health insurance industry.

First piloted in January 2024 in partnership with M-Kopa, customers who purchase an M-KOPA branded smartphone automatically receive a 12-month free inpatient health cover that pays out Sh1,000 per day for each night they spend admitted to a public or private hospital registered by the Ministry of Health.

According to Martin Kingori, M-Kopa’s General Manager, integrating insurance into M-KOPA’s smartphones was motivated by a mission of delivering more than just a phone.

“We understand that traditional insurance models often fail to serve our customers – with high premiums, complex processes, and delayed payouts,” says Martin.

“By making insurance both accessible and affordable, we’re helping our customers build resilience against financial setbacks, keeping their progress on track,” he added.

In an interview, Turaco Chief Executive Officer and Co-founder Ted Pantone notes that without the insurance, 60 per cent of daily earners would have to use savings or sell an asset if hospitalized and another 25 per cent would have to borrow money to cater for their treatment expenses.

In the last six years, Turaco has insured over 3.5 million people by working with partners like M-KOPA to create seamless, tech-enabled solutions.

“From instant policy activation to fast claims payouts, we’ve focused on simplifying access and usage of insurance coverage making it a vital financial safety net for our customers.

“This milestone is further evidence of the transformative impact that strategic partnerships can achieve. By sharing a vision for financial inclusion and community empowerment, we seek to demonstrate  how innovation and collaboration can drive meaningful, scalable change.”