power turaco

Fintech startup Power Financial Wellness and insurtech firm Turaco have partnered to offer affordable premium health insurance products to its customers under Power’s “Protect” product pillar.

The insurance products will mainly target gig and salaried workers across Africa.

Power says the move will empower workers across Africa by providing a holistic financial wellness solution for companies and their workforces. Using API integrations, the platform connects banks, asset managers, and insurance providers to end-users, enabling frictionless access to a host of financial solutions. Workers can then leverage their earnings to streamline bill payments, save and invest, cover insurance installments, or borrow.

“We are very excited to partner with Turaco. Power is dedicated to providing a marketplace of financial services to working individuals across Africa. With Turaco, we now have a partner that helps digitize tailor-made insurance offerings. With Power’s ability to finance premiums and collect from workers, this partnership will help scale the delivery of affordable insurance to working individuals in Kenya and beyond!”  Power’s CEO, Brian Dempsey, said.

The partnership with Turaco expands Power’s already robust set of offerings. Power and Turaco’s API integration capabilities will make insurance policy management seamless. This will create a simple and instant digital enrollment process, meaning Power’s customer base can buy insurance with the click of a button and, most importantly, receive financing for the premiums and make payments over a 6 to 9-month period.

According to Techtrendske, with this partnership, multiple tailored insurance products ranging from credit life insurance, which protects borrowers and their families against repayment challenges due to death, to disability, illness, theft during the loan term, or hospital cover will be available for as low as KES 200 ($2) a month.

“This is a great partnership to get Power’s customers insured. Our team integrated Turaco’s simple, robust API with Power in a matter of hours. Power customers can now enroll instantly for an insurance policy with the click of a button – no more cumbersome paperwork. We are proud to be able to support Power in providing frictionless financial services to traditionally underserved customers.”  Turaco’s CEO, Ted Pantone, said.

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Nigel Jr.
• Consumer Tech • Startups • Business • DeFi •

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