Disrupting Ghana's insurance industry

Turaco, a leading insure tech company, has recently made headlines with its acquisition of MicroEnsure Ghana. This strategic move has not only increased Turaco's active policies by 25 per cent but has also enhanced the company's tech-driven processes for faster claims processing and optimized service offerings. Ted Pantone, the CEO of Turaco, sat down with CNBC Africa to shed light on the acquisition and the company's plans to revolutionize the insurance industry in Ghana and beyond. With a vision to ensure about one billion lives in the next 20 years, Turaco aims to tackle the low insurance penetration rate on the continent, where about 90% of individuals lack insurance coverage. Pantone emphasized that technology and digital transformation are key in unlocking scalability in the insurance space, making insurance products more accessible to a wider population. By leveraging fintech partnerships, Turaco is enabling banks and fintechs to offer affordable insurance products to their customers, bridging the gap and making insurance more inclusive. One of the main challenges faced by insurance companies in reaching low-income individuals is the high cost involved in selling insurance products. However, Turaco's innovative use of technology, sophisticated algorithms, and efficient claims processing methods have allowed the company to offer insurance policies for as little as one or two dollars a month, making insurance more affordable and accessible to the common man. Despite the regulatory environment in the insurance sector, Pantone expressed Turaco's commitment to working closely with regulators to ensure compliance with regulations and uphold high standards of transparency and efficiency in claims processing. He highlighted the importance of good regulation in the insurance industry to prevent bad actors and protect consumers. Turaco's collaboration with regulators in Ghana, particularly the National Insurance Commission (NIC), has been instrumental in supporting the company's efforts to increase insurance coverage in the country. Looking ahead, Pantone hinted at Turaco's expansion plans across East and West Africa, Southern Africa, and beyond. As the best-funded insure tech company on the continent, Turaco is poised for rapid growth and aims to address the pressing need for innovative insurance solutions in underserved markets. The acquisition of MicroEnsure Ghana marks a significant milestone for Turaco, paving the way for new product developments and strategic partnerships that will further drive the company's impact in the insurance industry. With a focus on fast and efficient claims processing, Turaco is set to revolutionize the insurance landscape in Africa, offering affordable and tech-driven insurance solutions to empower individuals and protect livelihoods.