M-KOPA and Turaco Revolutionize Health Coverage for 1 Million Kenyans

M-KOPA and Turaco have insured over 1 million Kenyans with embedded Hospital Cash coverage, integrated into their smartphones at no additional cost. This initiative aims to provide financial security amidst growing medical expenses. The program has significantly impacted customer confidence, reduced financial anxiety, and increased business investments. Future plans include expansion into other African markets.

M-KOPA, a prominent fintech in emerging markets, and Turaco Insurance Agency have jointly achieved a significant milestone by insuring over 1 million Kenyans with embedded Hospital Cash coverage within a single year. This health insurance, included at no additional cost with M-KOPA smartphones, forms part of their “More Than a Phone” initiative, aimed at enhancing financial security for Everyday Earners in Kenya.

The rising burden of medical expenses poses a threat to many Kenyan families, with over 5 percent facing catastrophic health costs annually. In Africa, around 14 million low-income households may fall into poverty due to healthcare expenses. Although government initiatives offer essential coverage, supplemental private insurance is necessary to safeguard families from significant health-related financial burdens.

Beginning June 2024, following successful trials in January, the Hospital Cash coverage became available with the M-KOPA X-20 smartphone. Each M-KOPA device now includes 12 months of insurance, allowing customers to receive Ksh 1,000 daily for hospital admissions at registered Ministry of Health facilities. This initiative encourages M-KOPA customers to prioritize their medical circumstances without neglecting their financial aspirations.

Martin Kingori, General Manager of M-KOPA Kenya, emphasized the enhancement of their services through Turaco’s partnership, noting that the insurance safety net allows customers greater focus on their financial objectives amid unexpected expenses. The insurance benefit aligns with their mission of helping Everyday Earners make financial progress, impacting lives through purposeful partnerships.

Customer experiences, such as that of Boniface Mutiso, highlight the tangible benefits: “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. This cover helped me cater for my family needs after I was discharged.”

A recent impact report has outlined several key findings regarding customers: approximately 75% previously lacked health insurance, over half report increased business investments due to feeling secure, and more than 50% of female customers indicate reduced financial anxiety thanks to the coverage. Furthermore, 75% of those who claimed noted the ease of their daily financial obligations.

Ted Pantone, CEO of Turaco, stated, “At Turaco, we are on a mission to make insurance more accessible and affordable. Our partnership with M-KOPA exemplifies how collaborations can transform lives and drive significant impact and financial resilience for Kenyans dealing with insurance needs.”

Looking forward, M-KOPA and Turaco plan to extend their offerings into other markets, starting with Ghana, while continuing to develop innovative solutions for the underserved communities across Africa.

In conclusion, M-KOPA and Turaco have demonstrated an effective approach to enhancing health insurance accessibility for Kenyans through their partnership. By embedding insurance within their smartphone offerings, they have not only insured 1 million individuals but also fostered financial stability among Everyday Earners. As they aim to expand further into Africa, their innovative solutions signify a meaningful step towards improved financial resilience in underserved regions.

Original Source: techafricanews.com