Turaco, VisionFund partner to expand microinsurance across Africa

The two organisations have signed a Memorandum of Understanding (MOU) building on an existing partnership in Kenya and Uganda, where their insurance products have covered about 250,000 people.

Kenya and Uganda will remain the anchor markets for the partnership, while Tanzania, Ghana, Zambia and Rwanda have been identified as potential markets for expansion.

Under the agreement, insurance products will be distributed through VisionFund’s network of microfinance institutions, while World Vision programmes will also explore the use of insurance as a tool to help families manage financial shocks.

The partnership will also involve supporting other microfinance institutions and organisations to incorporate insurance into their operations.

Turaco CEO and Co-Founder Ted Pantone said the experience in Kenya and Uganda had demonstrated the potential of incorporating insurance into financial products already used by low-income households.

“Our work with VisionFund in Kenya and Uganda has shown us what is possible when insurance is built into the financial products families already trust,” said Pantone.

The two organisations also plan to develop products focused on preventive and outpatient healthcare, in addition to cover for major financial shocks such as illness, death and disability.

Pantone said the focus would be on providing support before families face major health or financial crises.

“We are especially excited about what we can build together on prevention and outpatient care, meeting families before a crisis rather than only after one,” he said.

VisionFund International CEO Edgar S. Martinez said families served through its programmes can face financial setbacks following illness, death, disability and climate-related events.

“Our work with Turaco in Kenya and Uganda has shown how effective simple, well designed insurance can be at protecting that progress,” said Martinez.

The partnership will also draw on VisionFund’s experience in Latin America and Asia to inform the development of insurance products in the markets where the two organisations operate.

The new agreement provides a framework for expanding the existing country-level collaboration to more markets across Africa.