Turaco wins innovation of the year award at African insurance awards

The award honours organisations that are advancing the insurance sector through innovation, impact and scalable business models. Turaco was recognised for its embedded insurance approach, which integrates insurance products into services already used by customers through partnerships with financial institutions, fintech firms and telecommunications companies.

According to the company, the model has enabled more than five million people across Africa and South Asia to access insurance coverage, with a significant proportion receiving insurance for the first time.

Turaco was selected from a shortlist that included Activa Assurances DRC, Cornerstone Insurance Plc of Nigeria, NSIA Assurances of Benin and Viva Seguros SA of Angola.

The African Insurance Awards celebrate excellence and innovation across the continent's insurance industry, with increasing attention being paid to technology-enabled solutions that help close protection gaps in underserved markets.

Founded in 2018, Turaco offers low-cost insurance products designed for individuals and families who have traditionally had limited access to insurance services. The company says its technology platform enables customers to submit claims digitally, including through WhatsApp, while automated claims assessment tools have helped reduce processing times.

Speaking after receiving the award, Turaco Co-founder and Chief Executive Officer Ted Pantone said the recognition reflected the contribution of the company's partners in expanding access to affordable insurance products across emerging markets.

The award comes during a period of expansion for the company. Earlier this year, Turaco was listed among Africa's fastest-growing companies by the Financial Times for the second consecutive year. The company currently operates in Kenya, Uganda, Ghana, Nigeria, Zambia and Tanzania and recently expanded into Pakistan, marking its first market outside Africa.

Industry analysts view embedded insurance as one of the fastest-growing segments within financial services, as businesses increasingly integrate insurance products into everyday consumer services to improve accessibility and increase insurance uptake among low-income populations.