M-KOPA and Turaco: Insuring 1 Million Kenyans with Embedded Health Coverage
M-KOPA and Turaco have provided embedded Hospital Cash insurance to over 1 million Kenyans in one year. This initiative supports financial security amid health emergencies and aims to reduce the burden of medical costs on families. The partnership reports positive customer impact, including increased business investments and reduced financial anxiety, and plans to expand to other African markets.
M-KOPA Kenya, in partnership with Turaco Insurance Agency, has achieved notable success by providing embedded Hospital Cash insurance to over 1 million Kenyans within only one year. This innovative health insurance is included at no additional cost in M-KOPA’s smartphones, which serve as vital tools for financial security for everyday earners in Kenya.
Medical emergencies pose significant threats to families across Kenya, with over 5 percent facing catastrophic health expenses annually. As approximately 14 million low-income households in Africa plunge into poverty due to out-of-pocket healthcare costs, the combination of government initiatives and private insurance offers much-needed protection against health-related financial strain.
Following promising trials conducted in January 2024, M-KOPA launched the Hospital Cash coverage with the M-KOPA X-20 smartphone in June 2024. The program provides customers with Ksh 1,000 per day for hospital admissions, applicable to any Ministry of Health registered hospital, bolstering their peace of mind amidst medical emergencies.
The collaboration enhances M-KOPA’s mission of financing progress for everyday earners. General Manager Martin Kingori emphasized that by understanding customer needs, the integrated insurance provision helps them remain focused on their financial aspirations while ensuring a safety net against unexpected medical costs.
Customer testimonials, such as that from Boniface Mutiso, demonstrate the impact of this insurance. He noted, “Insurance was the biggest reason why I picked my phone… I received Ksh 7,000 two days after my claim, straight to my mobile money. This cover helped me cater for my family needs after I was discharged.”
An impact report from Turaco and M-KOPA outlines the comprehensive benefits of this initiative: 75% of customers previously lacked health insurance; over half increased business investments significantly, citing insurance as a crucial financial resource; more than half of women reported reduced financial anxiety; and 75% of claimants noted that insurance eased their daily payment burdens.
Ted Pantone, CEO of Turaco, stated, “Our partnership with M-KOPA is a powerful example of the role partnerships can have in driving toward that vision and transforming lives of people who want and need insurance.” The companies plan to expand their offerings to additional markets, starting with Ghana, to continue their mission of delivering innovative financial solutions for underprivileged communities across Africa.
The partnership between M-KOPA and Turaco has successfully insured over 1 million Kenyans with embedded Hospital Cash coverage, significantly enhancing financial security for many families. This initiative not only addresses critical health issues but also promotes business growth and financial confidence among users. The companies aim to extend their reach into new markets, thereby impacting more underserved communities across Africa.
Original Source: techafricanews.com
