Source: Tech In Africa

Insurtech Turaco has acquired MicroEnsure Ghana, a pioneering microinsurer, from MIC Global. This expands Turaco’s footprint to 4 African countries, growing its active policies by 25%. MicroEnsure Ghana will rebrand as Turaco Ghana, retaining its team and leadership.

Turaco aims to increase affordable insurance coverage in Africa through tech-enabled processes that enhance customer service and optimise offerings. 

The deal provides opportunities to build partnerships with incumbents while establishing a strategic reinsurance relationship with MIC Global, a leading micro-reinsurer.

Despite 60% insurance penetration, millions of Ghanaians lack healthcare access and face financial shocks from health costs. Even the insured struggles with complex policies and slow claims. 

As a 15-year microinsurance veteran, MicroEnsure has served over 3 million low-income Ghanaians.

Now, as Turaco Ghana, the team will leverage innovations to reach excluded segments. Turaco co-founder Ted Pantone said Ghana presents major expansion potential, and MicroEnsure’s expertise enables a smooth transition to improve access.

Through collaborations with telcos, banks and fintechs, Turaco provides white-labeled, seamlessly integrated insurance starting at $1 monthly. 

Its tech-driven model processes claims within three days. Since 2019, Turaco has delivered customised policies covering over 1.3 million Africans.

Acquiring MicroEnsure’s local knowledge positions Turaco to further its mission of insuring 1 billion underserved Africans. The deal also demonstrates strategic alignment between startups and incumbents in driving financial inclusion. 

Turaco gains MicroEnsure’s seasoned team, while MIC Global benefits from reaching more customers through Turaco’s scaled platform.

Blending startup agility with incumbent experience can foster new models, expanding access. As digital transformation advances across Africa, Turaco’s acquisition provides a blueprint for insurance growth through collaboration. Leveraging technology and localised expertise helps startups profitably serve mass markets.

Source: Tech In Africa