Abuja, Nigeria (CU)_ Turaco, a top East African insurance technology company, is pleased to announce its formal entry into Nigeria through a business relationship with AXA Mansard and Turaco’s Nigerian subsidiary Turaco Inclusive Ltd. Turaco is a breakthrough platform for inclusive insurance, connecting the divide between outstanding insurers and the distribution they require to see insurance products reach currently underserved consumers at scale.
As more than 90% of Nigerians are not covered, the expansion provides Turaco with an excellent opportunity to make a drastic difference in the highly unexplored market. Turaco’s long-term goal is to cover one billion people in the next 25 years, and Nigeria will play a critical role in accomplishing that goal.
Tope Adeniyi, Managing Director and Chief Executive Officer at AXA Mansard, expressed excitement over collaborating with Turaco. He said, “AXA is thrilled to partner with Turaco to expand the distribution of our inclusive insurance products. AXA is the best and most innovative insurance company in Nigeria. Aligning with forward-looking partners like Turaco is a key component of what sets AXA apart”.
Turaco’s innovative proposal signifies a paradigm shift in the country’s insurance industry. The firm provides low cost medical insurance for a minimum cost of 500 Naira ($1.20) per month via collaborations with top insurance underwriters such as AXA. Turaco joins with established fintech firms and service providers to promote and distribute insurance to their consumers as a packaged solution. Low-income individuals may now afford to safeguard themselves and their families with Turaco.
Ted Pantone, Co-Founder & CEO of Turaco, expressed optimism over the partnership. He said, “Now is the time for insurance to grow in Nigeria. Every fintech we speak to wants to add insurance as a part of their offering, and Turaco is built to make it incredibly easy to do that. Our technology, bespoke insurance product designs, and active partnership approach means that we can go from initial conversation to launching insurance with a partner in a matter of days. We are really excited for what this partnership with AXA will mean for the growth of insurance coverage in Nigeria”.
Turaco and its branches have covered more than 375,000 lives throughout Uganda and Kenya and have paid out thousands of claims with an average turnaround time of fewer than three business days since its inception in February 2019. Adding to its success in East Africa, the firm now intends to use its approach to expand its business in the Nigerian insurance sector.
