Turaco Insurance: Story, Founders, Investors & Funding Rounds
Turaco Insurance is an insurance company that was started in 2018. It works with local businesses and mobile lending organizations to help people who don’t have access to healthcare get it at a low cost.
The company, which is currently active in Kenya and Uganda, sells health and life insurance through partnerships. Its product is based on a subscription model, and customers can choose to have their medical policy renewals automatically bundled with other payments they already make, like for a bank loan or a ridesharing service.
At Turaco Insurance, they want to create a place where people look forward to going to work every day, where their customers and employees feel like they are making progress toward a better quality of life, and where they are better prepared to deal with the challenges they face.
When the Turaco Insurance team works together, they encourage unique expression and build relationships that help development. When one of them sees a real danger, they all work together to make sure no one else gets hurt. When one of them also sees a chance, they all take it.
The Micro-insurance technology company Turaco is also changing the way people in developing countries get medical care. They sell their goods to people with low incomes in Kenya and Uganda through partnerships with industry leaders.
Additionally, It is an Insurance Service Provider whose goal is to help people in developing countries get better health care. The company’s basic insurance plans offer emergency health loans to protect its customers from unplanned medical costs. This lowers the cost of healthcare for everyone as a whole.
How it Works
In the developing world, Turaco is changing how health care is paid for. New consumers can’t get the care they need and want because they don’t have easy access to affordable insurance and financing options. For the first time, Turaco has made a mobile solution to help underserved consumers get the healthcare financing they need by making insurance and credit products easier to understand.
Customers don’t have to worry about the unexpected financial shocks that come with health problems because the company’s health insurance is fast, easy, and cheap.
Life and health insurance from Turaco are sold through partnerships and are based on subscriptions. Turaco reached its goal of being a safety net and freeing people from the fear of health-related financial shocks. The company has more than 30,000 users in Kenya and Uganda at the moment.
Turaco sells simple, useful goods to Africa’s growing markets for low prices each month. Turaco does business under the name Ellard Insurance Agency Ltd. in Kenya and Atlanta Insurance Ltd. in Uganda.
He is the founder and leader of Turaco Insurance and has a strong desire to succeed. He helps early-stage companies and entrepreneurial teams take their projects to the next level and has been proven to work.
He has started four businesses, raised more than $20 million, and put money into fifty or more businesses.
He wants to be successful and reach his goals by helping others do their best.
On top of that, his skills include leadership, influence, communication, negotiation, customer experience, product development, business case creation, and testing, curiosity, consciousness, people orientation, presentation, planning and organization, coaching, mentoring, and motivation.
Peter Gross is an Inclusive business leader and two-time start-up founder.
He is an experienced social innovator with eight years of experience building microinsurance businesses in Africa.
Investors & Funding Rounds
GAN Ventures, Mercy Corps Ventures and Musha Ventures
Turaco Insurance has raised US$1.2 million in seed funding to grow into new markets and start new pilots and partnerships.
Turaco Insurance got a grant of US$40,000 from Villgro Kenya and non-equity business-building help from Catalyst Fund. Now, it has taken on a seed round of US$1.2 million to expand its operations across Africa. Several angel investors as well as GAN Ventures, Mercy Corps Ventures, and Musha Ventures all put money into the round.
The money will be used to solidify the company’s presence in new markets and build on ongoing pilots and partnerships with businesses and fintech companies.
Turaco has insured more than 30,000 people in Kenya and Uganda so far by providing customer-focused medical coverage for as little as US$2 a month. The business expects to keep growing quickly, and there are already plans to get more money.
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