Browsing: InsurTech

The startup, which now has a presence in Nigeria, and Uganda, has entered its expansion phase and is looking for new partnerships to push mass consumer insurance adoption in Africa.

The tech insurance platform has developed to become a dominant player at the forefront of new insurance solutions since its inception. Turaco products cost US$2 per month, with simple terms and conditions and a fully digital claims system that enables claimants to file through phone calls or WhatsApp, with payments made in less than three days using mobile money.

“In the next 25 years, we want to cover a billion people, and that’s what we’re working toward.” It’s a lofty aim in every aspect, and I’m not sure how to get there, but I have a clear vision of covering 100 million people.

To reach the next level of development, you must collaborate with some of the world’s most recognisable businesses.

However, economic growth and the rapid expansion of digital and mobile services are set to change this. 

With the African middle class growing across many African nations, the target market for insurance products is growing.

The report highlighted that there has been a significant rise in demand for digital solutions, as smartphone and affordable internet penetration deepens across the continent, providing opportunities for InsureTechs to step in and offer innovative products.