M-KOPA and Turaco Insurance Agency have announced a significant milestone in their partnership, having provided free hospital cash insurance to more than 1 million Kenyans in just one year. This initiative, which is embedded in M-KOPA smartphones at no extra cost, is part of the company’s “More Than a Phone” digital financial services offering. The goal is to empower Every Day Earners by enhancing financial security and providing a crucial safety net for unexpected medical expenses.
Hospital Cash Insurance Embedded in M-KOPA Smartphones
M-KOPA’s insurance offering, in collaboration with Turaco, was successfully piloted in January 2024 and later rolled out in June 2024 with the launch of the M-KOPA X-20 smartphone. Every new M-KOPA smartphone now comes with 12 months of free hospital cash insurance, seamlessly activated through an integration between M-KOPA and Turaco’s digital systems.
Under this plan, customers receive KES 1,000 per day if admitted overnight to any Ministry of Health-registered hospital, whether public or private. The insurance aims to provide relief to individuals whose financial progress could be derailed by unexpected medical expenses.
Transforming Lives Through Financial Inclusion
Speaking about the milestone, Martin Kingori, General Manager, M-KOPA Kenya, emphasized the impact of this initiative:
“Our ‘More Than a Phone’ digital financial services offering has been enhanced by our partnership with Turaco. By listening to our customers, we understand how unexpected medical expenses can derail their progress. Insurance provides that crucial safety net, keeping them on track toward their goals.”
A new impact report released by Turaco and M-KOPA highlights the program’s success and its impact on financial resilience among users:
- Expanding Access to Insurance: 75% of customers covered under this program had no previous health insurance.
- Supporting Business Growth: Over 50% of customers—including those who have not yet claimed—reported an increase in business investment, citing the insurance as their financial safety net.
- Reducing Financial Anxiety: More than 50% of women customers reported reduced financial stress due to their insurance coverage.
- Direct Benefit of Claims: 75% of customers who made claims said the insurance helped them meet daily financial obligations.
A Step Towards Universal Insurance Coverage
Ted Pantone, CEO of Turaco, underscored the importance of making insurance more accessible:
“At Turaco, we are on a mission to make insurance more accessible and affordable. Our vision is to insure the next billion people, doubling the number of insured individuals worldwide. Our partnership with M-KOPA is a powerful example of how embedding insurance into everyday products can drive meaningful impact and financial resilience for Kenyans.”
Turaco has been at the forefront of innovating insurance models in emerging markets, integrating insurance into digital services to reach low-income earners. The company has insured over 3.5 million people to date and continues to expand.
Expansion into New Markets
Building on the success of this initiative, M-KOPA and Turaco plan to expand their free insurance offering to Ghana. This is part of M-KOPA’s broader vision to scale up digital financial solutions across Africa. The fintech company already operates in Kenya, Uganda, Nigeria, Ghana, and South Africa, providing digital credit services and affordable smartphones.
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