In order to expand into its fourth market, the West African nation, MicroEnsure Ghana, has been acquired by Kenyan tech-enabled insurance firm Turaco.
With a seamless and customer-focused approach, Turaco, which was founded in 2019, uses technology to increase access to reasonably priced insurance. The company’s B2B2C business model makes use of alliances with tech-enabled, mass-market businesses like telcos, banks, and fintechs to offer simple distribution and insurance management.
Last year, the startup raised a US $10 million Series A round and had already begun to grow in Nigeria and Uganda. Following its purchase of MicroEnsure from MIC Global, it has now begun operating in Ghana. According to the agreement, MicroEnsure will adopt the Turaco Ghana name and keep its current team and management in place.
“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,” said Ted Pantone, co-founder and CEO of Turaco.
“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.”
With three million customers served, MicroEnsure was the first microinsurance intermediary in Ghana to introduce mobile insurance through Tigo in 2012 and Airtel in 2013. It offered insurance for low-income earners.
“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 three 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,” said Leona Abban, general manager of Turaco Ghana.
