Turaco

Turaco operates as a B2B and B2B2C insurance brokerage, not underwriting policies itself but connecting insurance companies with mass-market consumers through partnerships. The company's model focuses on embedding insurance products into the existing services of partner companies like M-KOPA, Sun King, One Acre Fund, and various microfinance institutions. This strategy allows Turaco to offer affordable life, health, asset, and vehicle insurance with premiums as low as $1-2 per month, reaching customers for whom insurance was previously inaccessible. Revenue is generated by acting as a broker and distributor for these white-labeled insurance offerings.

The company's core service is providing simple, affordable insurance products designed for low-income earners. A key feature is the technology platform, which uses a robust API for seamless integration with partners' payment systems and leverages tools like WhatsApp and AI-driven fraud scoring for efficient claims processing. This tech-based approach enables a quick turnaround on claims, with a median time of four hours. By bundling insurance with partners' trusted brands, Turaco overcomes barriers to adoption and has successfully provided coverage to over one million people, 90% of whom had never been insured before. The company has expanded its operations to Uganda, Nigeria, and Ghana and secured significant funding, including a $10 million Series A round in 2022, to fuel its growth.