Turaco has expanded operations to Ghana after completing the acquisition of MicroEnsure Ghana. As a result of this deal, MicroEnsure will rebrand to Turaco Ghana. It will retain the existing team and leadership. Turaco says this move is part of its long term plan to provide insurance to over 1 billion people.
With this expansion, Turaco now operates in 4 countries including Kenya, Uganda, Nigeria and now Ghana. 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.
Ted Pantone, Co-founder & CEO of 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. 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.”
Africa’s widest insurance coverage
According to 2021 census data, Ghana has one of Africa’s widest insurance coverage levels, with more than 60 per cent of its population holding either the National Health Insurance Scheme (NHIS) or a private health insurance scheme. Yet millions of Ghanaians still lack access to healthcare, with more than 10 per cent experiencing catastrophic financial shocks due to yearly health expenditures. Those who do have insurance find it hard to use, with complex exclusions and slow turnaround times for claims payment.
Leona Abban, General Manager of Turaco Ghana, said: “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.”
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.
Harry Croydon, Co Founder & COO MIC Global, commented: “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 ”