POWER, PARTNERS WITH INSURTECH TURACO
Nairobi, Kenya, 26th April 2022 – Fintech start-up Power Financial Wellness has joined forces with insurtech, Turaco to offer affordable health insurance products to its customers. Falling under Power’s “Protect” product pillar, this collaboration expands Power’s capacity to empower workers across Africa to take charge of their financial well-being. Through affordable insurance products with flexible premium payments, gig and salaried workers can alleviate financial-related stress.
As digitization continues to transform the way people transact, borrow, save, and insure, Power seeks to simplify the process and empower workers across Africa by providing a holistic financial wellness solution for companies and their workforces. Using API integrations, the platform connects banks, asset managers, and insurance providers to end-users, enabling frictionless access to a host of financial solutions. Workers can leverage their earnings to streamline bill payments, save and invest, cover insurance installments, or borrow for the long term.
Power’s CEO, Brian Dempsey, said, “We are very excited to partner with Turaco. Power is dedicated to providing a marketplace of financial services to working individuals across Africa. With Turaco, we now have a partner that helps digitize tailor-made insurance offerings. With Power’s ability to finance premiums and collect from workers, this partnership will help scale the delivery of affordable insurance to working individuals in Kenya and beyond!”
The partnership with Turaco expands Power’s already robust set of offerings. Power and Turaco’s API integration capabilities make insurance policy management seamless. This creates a simple and instant digital enrollment process, meaning Power customers can buy insurance with the click of a button and, most importantly, receive financing for the premiums and make payments over a 6 to 9-month period.
This partnership makes multiple tailored insurance products available, addressing the unique needs of Power customers. Products range from credit life insurance, which protects borrowers and their families against repayment challenges due to death, disability, illness, or theft during the loan term, to a hospital cover for as low as KES 200 ($2) a month. Power’s customers can also buy comprehensive, but low-cost insurance with reimbursement on in-patient and out-patient medical expenses.
Turaco’s CEO, Ted Pantone, said, “This is a great partnership to get Power’s customers insured. Our team integrated Turaco’s simple, robust API with Power in a matter of hours. Power customers can now enroll instantly for an insurance policy with the click of a button – no more cumbersome paperwork. We are proud to be able to support Power in providing frictionless financial services to traditionally underserved customers.”
For further inquiries, contact:
Head of Product & Marketing
Felix Ochieng
felix@m-power.io
Nairobi, Kenya
ABOUT POWER
Power is a platform dedicated to providing holistic financial services to working people in Kenya and across Sub-Saharan Africa. They enable individuals to live their lives with dignity, reduce financial-related stress, and take control of their financial well-being. Power enables gig and salaried workers to access earned wages and other financial services, as well as to contribute to savings via partner banks and enroll in insurance. For more information, visit https://yourpower.io/.
ABOUT TURACO
Turaco is a low-cost insurance provider designing and delivering simple, affordable insurance to unserved and underserved customers. Their mission is to free people from the fear of financial shocks by acting as a safety net for our customers in their greatest time of need. Turaco works through business partnerships to offer tailormade products that add real value to people’s lives. They currently operate in Kenya (registered in Kenya as Ellard Insurance Agency Ltd), Uganda and Nigeria, with plans for expansion in the near future. For more information, visit www.turaco.insure.
