Turaco, a distributor, broker and key customer interface between underwriter and end consumer, has bagged $10m from a Series A round.
The round was led by AfricInvest and Novastar Ventures. Also participating were Enza Capital, Global Partnerships, Zephyr Acorn, Push Ventures, Asi Ventures Limited and Operator Stack.
Turaco claims its mission is to free people from the fear of financial shocks caused by unexpected health risks. The firm is able to do this through a B2B and B2B2C business model, forming relationships with top-tech-enabled firms with a large pool of customers or staff in emerging markets.
Turaco has designed and delivered a suite of bespoke medical, life, asset, and vehicle insurance packages that have already covered over half a million lives across Nigeria, Kenya, and Uganda.
The company – which is targeted at low-income earners and underserved customers -embeds its service as a white-labelled offering that is bundled with a partner’s core product or service while integrating with their existing payment processes to collect premiums.
With a robust API integration which allows for easy collaboration with its external partners, Turaco enables companies to integrate insurance into their products and services efficiently and at no additional risk or cost.
Turaco products are priced at $2 per month, with straightforward terms & conditions and a fully digitized claims process that allows claimants to file via WhatsApp or phone call, paying out in less than three days via mobile money.
Turaco CEO and co-founder Ted Pantone said, “We are proud to help drive insurance adoption, especially among low-income earners. 90% of our customers have never had insurance before, but the surprising thing is that people really want to buy insurance! They just don’t have easy access to products that really work for them.
“This investment enables us to scale our business to serve millions of insurance customers across our current markets and beyond. We are thrilled to have these great new investors join our team for this next season of growth.”
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