Uganda insurtech Turaco arrives in Ghana, takes aim at SMMES
Ugandan insurtech Turaco has acquired MicroEnsure Ghana, a micro insurance company, from MIC Global.
While MicroEnsure will rebrand as Turaco Ghana, the company will retain the experience of its current leadership and staff.
The acquisition is part of Turaco's long-term objective of providing insurance to one billion people.
Ted Pantone, co-founder and CEO, Turaco, said: “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.”
The expansion increases Turaco’s active policies by 25% and raises the number of operational markets it’s in to four; namely Kenya, Uganda, Nigeria, and Ghana.
The launch of Turaco Ghana comes at a time when Africa is seeing the growth of insurtechs, which are developing new business models that aim to disrupt the traditional insurance sector.
Such insurtechs are making use of technologies, such as automation, robotics, and internet of things, machine learning and artificial intelligence, to shake up the insurance industry.
Launched in 2019, Turaco's business model relies on relationships with tech-enabled mass-market organisations such as telcos, banks, and fintechs to provide simple insurance distribution and management.
Yesterday, Turaco said 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.
MicroEnsure was the first micro insurance intermediary in Ghana, offering insurance to low-income workers. It was also the first to offer mobile insurance through Tigo in 2012 and Airtel in 2013, serving three million consumers.