Insurance technology company Turaco and VisionFund International have signed a global partnership aimed at expanding access to affordable insurance for low-income households in emerging markets.
The partnership builds on existing operations in Kenya and Uganda, where the two organisations have provided insurance coverage to about 250,000 people through their current products.
Under the agreement, VisionFund will use its microfinance network to distribute insurance products to more households.
The two organisations will also explore integrating insurance products into World Vision programmes as part of efforts to reach more low-income families.
Kenya and Uganda will remain the main markets for the partnership, while Tanzania, Ghana, Zambia and Rwanda have been identified as potential markets for future expansion.
Turaco and VisionFund also plan to work with other microfinance institutions and organisations seeking to integrate insurance into their existing services.
The partners said the approach will allow insurance to be offered through platforms and financial services already used and trusted by low-income households.
“Our work with VisionFund in Kenya and Uganda has shown us what is possible when insurance is built into the financial products families already trust,” said Ted Pantone, CEO and co-founder of Turaco.
The partnership will particularly focus on insurance products covering preventative and outpatient healthcare.
The companies said the products are intended to help households access medical care early, before illnesses become more serious and potentially more expensive to treat.
VisionFund International CEO Edgar S. Martinez said the partnership would extend insurance protection to more families exposed to financial shocks.
These include shocks linked to illness, death, disability and climate-related events.
For low-income households, unexpected medical expenses or the loss of a household income earner can place significant pressure on already limited resources.
The partners said expanding access to insurance could help families manage such risks while reducing the likelihood of falling into poverty following unexpected events.
The organisations said the broader objective of the partnership is to make insurance more accessible to low-income households by integrating protection into financial and community programmes that already serve them.
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