NAIROBI, Kenya, Oct 1 — Insurance technology company Turaco and VisionFund International have signed a global partnership to expand access to affordable insurance for low-income households in emerging markets.
The partnership builds on operations in Kenya and Uganda, where the two organisations have provided insurance cover to about 250,000 people through existing products.
Under the agreement, VisionFund will use its microfinance network to distribute insurance products, while the partners will explore integrating insurance into World Vision programmes.
Kenya and Uganda will remain the main markets, with Tanzania, Ghana, Zambia and Rwanda identified as potential markets for expansion.
The partners also plan to work with other microfinance institutions and organisations looking to add insurance to their services.
Turaco and VisionFund said they will focus on products covering preventative and outpatient healthcare, allowing households to access medical care before illnesses become more serious.
“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 Ted Pantone, CEO and co-founder of Turaco.
VisionFund International CEO Edgar S. Martinez said the partnership would extend insurance protection to more families facing financial shocks linked to illness, death, disability and climate-related events.
The partners said the broader goal is to help low-income households manage such shocks without falling into poverty.
