Turaco provides fast, simple insurance solutions, helping African households manage emergencies and protect their financial stability.
Insurance access in Africa remains out of reach for many households who cite costs, complexity of policies and misalighnment with their needs especially for low income earners. Many people then take the option of handling emergencies on their own, and yet we know that this way, an illness or accident can wipe out a family’s savings or financial plans in a way that many do not ever recover.
This insurance gap is not for individuals alone, but also families, businesses and entire communities. With this gap, it is clear why social impact insurers with simple products, simple onboarding and responsive service are important for long term stability.
One such social impact insurer is Turaco which was created to meet this need. The founder, Ted Pantone, saw the use case for affordable yet dependable insurance that responds fast and hit the ground running to create products to serves mass market customers with simple yet effective, straight forward policies and quick processing of claims. Turaco pays claims in as little as four hours upon receipt of necessary documentation, which eases the pressure on families who need fast relief to manage hospital bills, lost income, or unexpected events. This speed builds trust among people who have had limited exposure to insurance.
A significant part of Turaco’s growth is directly attributable to Boost Africa, a program that works as an extension of the European Investment Bank work in supporting African enterprises. Turaco first heard about Boost Africa through AfricInvest (an EIB backed private equity fund) at a very opportune moment when they needed fresh capital and operational support to manage the business. AfricInvest is an investment and financial services company founded in the early 1990s and is one of the most experienced private equity investors in Africa.
Boost Africa’s support helped Turaco not only to stabilize, but also to grow their workforce exponentially. The investment which included workforce upskilling helped to strengthen Turaco’s staff and improve service quality and expansion strategy.
Boost Africa addressed critical business needs from a capacity building perspective and the results were clear quite fast. Within just three years, Turaco grew from 1.5 million USD in premiums to 12 million USD! As far as positive impact goes, the expansion allowed more households to access insurance, and people who had been excluded by the markets found products designed for their income levels. For Turaco, more claim handlers joined the team, technology systems improved and distribution partners expanded. The only way from there was up. Turaco operates in Kenya, Uganda, Nigeria, Ghana, and Zambia, markets that all experience similar challenges in insurance awareness and access.
Turaco is continously tackling the challenge of complexity of product offerings, speed of payout and ultimately real scenarios like when medical shocks wipe out savings among families. This way, families remain stable even during difficult moments. One of the bigger ripple effects is that children stay in school because parents do not redirect school fees to emergencies. Another possible benefit is that breadwinners return to work sooner because they receive quick support. Affordable insurance also protects small businesses that face risks from illness or accidents, and that’s a whole other start of ripple benefits to communities.
Boost Africa supports ventures that strengthen inclusion and this is a great example. The program has also backed POA Internet, Shamba Pride, and other enterprises that serve low income communities. This powerful focus on empowerment supports women and youth businesses, and families that rely on them to improve livelihoods.
Turaco’s progress is a testament to how targeted investment in companies that build safetynets for underserved communities have massive impact. The company has made insurance less intimidationg, increased uptake and therefore helped families stay afloat during emergencies. With support from Boost Africa and the European Investment Bank, Turaco is reaching more people and giving households a practical way to protect their wellbeing and financial future.
