Turaco

Embedded microinsurance platform connecting insurers to underserved populations across Africa

Distribution & Sales Growth Series A

Overview

Turaco is an embedded insurance platform and microinsurance provider serving underserved populations across Africa, with operations in Kenya, Uganda, Nigeria, Ghana, and Zambia. The company works exclusively in B2B distribution, embedding bespoke life, health, asset, and vehicle insurance products into the platforms of fintechs, mobile money operators, PayGo companies, and microfinance institutions. Products are designed for low-income customers, with premiums starting at under USD 2 per month.

The core offering is an API-based policy administration and claims management platform that enables partners to integrate insurance into their existing apps and services. Turaco handles underwriting, claims processing, and customer support -- including a WhatsApp-based channel -- while partners distribute through their existing user relationships. Turaco's claims turnaround time averages 4 hours, compared to weeks for traditional insurers.

Founded in 2019 and having raised USD 38.66M across multiple rounds including a USD 10M Series A, Turaco has covered over 4.5 million lives and processes more than 20,000 claims annually. Notable partners include M-KOPA, Airtel Money, and KWFT. In 2024, Turaco was recognized on Fast Company's World's Most Innovative Companies list, ranking No. 4 in the EMEA region and the first African insurtech company to appear on that list.

Products & Services

Embedded Insurance Platform

Turaco's core platform embeds bespoke insurance products directly into partner fintech and banking applications via RESTful API. Partners integrate policy activation, premium collection, and claims processing into their own user interfaces, enabling seamless insurance for their existing customer base.

Key Features

RESTful API for policy administration, sales, and premium collections
Automated claims processing with 4-hour median turnaround
White-label branding for partner applications
Multi-product support: life, health, asset, and vehicle insurance

Target Users: Fintechs, mobile money operators, PayGo companies, microfinance institutions

WhatsApp-Based Customer Support

A mobile-accessible service channel enabling customers in low-connectivity regions to manage policies, file claims, and receive support through WhatsApp without requiring a smartphone app or reliable internet connection.

Key Features

Policy information access via WhatsApp
Claims filing through messaging interface
Customer support in low-bandwidth environments

Target Users: End consumers in underserved African markets

Bespoke Insurance Products

Turaco designs and delivers insurance products tailored to the risk profiles and affordability constraints of African mass-market consumers, distributed exclusively through partner platforms.

Key Features

Hospital cash and medical expense coverage
Term life and protection products
Mobile phone, solar equipment, and consumer asset coverage
Vehicle insurance (emerging)

Target Users: Low-income consumers across Kenya, Uganda, Nigeria, Ghana, Zambia, and Pakistan

At a Glance

Founded: 2019
Headquarters: Nairobi, Kenya
Employees: 51-200
Funding: Series A

Category & Focus

Category: Distribution & Sales
Subcategories: Embedded Insurance Microinsurance API Insurance Platform
Insurance Verticals: Life & Annuity P&C Personal Health
Target Customers: Carriers, MGAs/MGUs, Consumers

Customers

M-KOPA (Kenya/Ghana) -- over 1 million customers insured through embedded health insurance
Airtel Money
KWFT (microfinance institution)
Sun Culture
Telecel Cash
Vision Fund
Advans Ghana
Rafiki Microfinance