In Africa, healthcare access remains a major challenge despite the numerous e-health solutions being developed. The issue is mainly caused by financial problems. The low-cost insurance policy being developed by the two partners aims to address that situation.
Kenyan fintech Power Financial Wellness (PFW) recently announced a partnership with insurtech Turaco. According to a release dated April 26, the partnership aims to offer low-cost insurance -as low as US$2 monthly subscriptions- to African gig and salaried workers.
“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,” commented PFW CEO Brian Dempsey.
PFW clients can subscribe to the insurance policies once Turaco’s API is integrated into the fintech’s digital platforms. PFW offers payment and loan services (insurance services will soon start with the API integration). As for Turaco, it offers low-cost claim settlement packages in Uganda, Kenya, Nigeria, and the United States of America.
In addition to health insurance, PFW clients have access to other insurtech products. These include credit life insurance, disability, theft, and a comprehensive range of inpatient and outpatient insurance.
Some African countries have a national health insurance scheme but only a small portion of the population is covered. According to the World Health Organization, while 91% of the population in Rwanda is covered by the national health insurance scheme, 33% is covered in Ghana and only 3% in Nigeria
Adoni Conrad Quenum
