M-KOPA and Turaco Insure 1 Million Kenyans with Embedded Health Coverage
M-KOPA and Turaco have insured 1 million Kenyans with embedded Hospital Cash coverage in smartphones, providing essential financial security at no extra cost. The initiative improves access to health insurance and strengthens financial resilience, with plans for expansion into additional markets.
M-KOPA Kenya and Turaco Insurance Agency have successfully insured 1 million Kenyans through their embedded Hospital Cash coverage within M-KOPA smartphones. This initiative provides essential financial security at no additional charge, enhancing M-KOPA’s “More Than a Phone” digital services aimed at helping Everyday Earners secure their financial futures against medical emergencies.
Medical emergencies can impose severe financial burdens, with over 5 percent of Kenyan households experiencing catastrophic health expenses annually. While government initiatives offer basic coverage, the need for additional private insurance remains crucial. Collaboratively, M-KOPA and Turaco directly address this issue, helping to shield families from out-of-pocket healthcare costs that can lead to poverty.
Initially trialed in January 2024, the Hospital Cash coverage was launched in June 2024 with the M-KOPA X-20 smartphone. Every M-KOPA smartphone now provides 12 months of coverage that allows customers to receive Ksh 1,000 per day for hospital admissions, effectively offering peace of mind during health crises, maintaining their focus on financial goals.
The partnership enhances M-KOPA’s offering by integrating insurance, which is vital for customers worried about unexpected medical expenses. CEO Martin Kingori underscores that this benefit is designed to help customers progress towards their financial objectives, an ethos shared by their collaboration with purpose-driven providers like Turaco.
Customer testimonials amplify the insurance’s importance, such as Boniface Mutiso, who stated, “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,” illustrating the immediate aid provided through the coverage.
A recent impact report highlights the necessity of this offering:
– 75% of customers lacked any health coverage prior to accessing M-KOPA.
– Over half of the customers report increased business investments due to the security provided by insurance.
– More than 50% of women clients experienced reduced financial anxiety thanks to the coverage offered.
– 75% of customers who made claims noted a significant easing of their financial burdens.
Ted Pantone, CEO of Turaco, emphasizes their commitment to making insurance accessible. The partnership with M-KOPA exemplifies how integrated financial solutions transform lives and bolster financial resilience. Following this success, they aim to expand their services into new markets such as Ghana, continuing their mission of supporting underserved communities in Africa.
In summary, M-KOPA and Turaco have achieved a significant milestone by providing health insurance to 1 million Kenyans through embedded coverage in smartphones. This initiative addresses the rising medical expenses that many families face, enhancing their financial security. The partnership not only reinforces financial stability but also paves the way for expansion into new markets, showcasing the potential of innovative financial solutions in improving the lives of underserved communities.
Original Source: techafricanews.com
