M-KOPA and Turaco Provide Insurance to 1 Million Kenyans in One Year

M-KOPA and Turaco have insured over 1 million Kenyans with embedded Hospital Cash coverage via M-KOPA smartphones. This program provides financial security and peace of mind against medical emergencies. The insurance, offered at no extra cost, plays a vital role in improving financial stability for everyday earners.

M-KOPA and Turaco have reached a significant milestone by providing embedded Hospital Cash coverage to over 1 million Kenyans within a single year. As part of their “More Than a Phone” initiative, this health insurance is seamlessly integrated into M-KOPA smartphones at no additional cost, offering valuable financial security to Everyday Earners in Kenya.

Medical expenses pose a serious threat to many Kenyan families, with over 5 percent experiencing catastrophic health costs annually. While government initiatives exist, private insurance plays a crucial role in safeguarding families against unexpected medical expenses, thereby preventing financial hardship.

The Hospital Cash coverage was successfully launched in June 2024 after trials in January. Every M-KOPA customer now enjoys 12 months of insurance coverage, which is automatically activated through M-KOPA and Turaco’s interconnected systems. Customers are entitled to Ksh 1,000 daily when hospitalized, ensuring they can focus on recovery without the burden of financial strain.

M-KOPA’s partnership with Turaco has enriched their digital financial services, highlighting the importance of financial safety nets like insurance. According to Martin Kingori, General Manager of M-KOPA Kenya, this coverage maintains customers’ focus on achieving their financial objectives while navigating unexpected medical costs.

Customer testimonials illustrate the program’s effectiveness. Boniface Mutiso emphasized how insurance influenced his smartphone choice, recounting the timely receipt of compensation following a claim, which assisted him with his family’s needs.

A recent impact report from Turaco and M-KOPA reveals that approximately 75% of users previously lacked health insurance. Additionally, over half of users, including those who have not yet claimed, report increased investments in their businesses, while more than 50% of women experience reduced financial anxiety due to their coverage.

Ted Pantone, CEO of Turaco, asserted their commitment to making insurance accessible and affordable, with the objective of insuring the next billion individuals. The collaboration with M-KOPA exemplifies the transformative power of embedded insurance, which fosters financial resilience among Kenyans.

Following this achievement, Turaco and M-KOPA plan to extend their service offerings to Ghana, continuing their dedication to innovative financial solutions for underserved communities throughout Africa.

M-KOPA and Turaco have successfully insured over 1 million Kenyans with a no-cost embedded Hospital Cash coverage integrated into smartphones. This initiative addresses healthcare-related financial burdens by providing immediate cash assistance during hospitalization. Testimonials highlight the transformational impact of insurance on financial stability. As they expand into Ghana, the partnership’s success underscores the importance of accessible insurance solutions for communities in need.

Original Source: techafricanews.com