NAIROBI, Kenya, Nov 5 – Susan Mang’eni, Principal Secretary for the Ministry of Cooperatives and MSMEs, has encouraged Kenyans to consider insurance products to better secure their livelihoods, invest in their futures, and support community stability.
This push aligns with President William Ruto’s Bottom-Up Economic Agenda, which emphasizes building an inclusive economy that benefits all Kenyans.
Speaking at the launch of Turaco Microinsurance, Mang’eni highlighted the Ministry’s focus on policies that promote investment and private sector growth, especially for citizens underserved by traditional financial services.
“The launch of Turaco Microinsurance marks a key step toward this vision. Turaco has crafted solutions tailored for mass-market households, with the potential to transform lives by enhancing financial resilience,” she said.
She praised Turaco’s journey, noting that it has evolved from being an insurance agency to becoming Kenya’s first insurtech company with an underwriting license, demonstrating Kenya’s supportive environment for business innovation.
Turaco’s approach, according to the PS, is well-aligned with the Ministry’s aim to drive private sector innovation, essential for economic growth.
“This achievement underscores Turaco’s commitment to offering affordable, accessible microinsurance products,” Mang’eni added.
Mang’eni also referenced a recent World Bank report that highlights a Sh2.6 trillion financing gap for Kenya’s MSME sector.
She noted that traditional lenders often consider MSMEs high-risk, which has led to declining financing from mainstream banks.
“In discussions with Turaco, I learned about seven small-scale traders who had loans through Musoni Microfinance. After a fire destroyed their stock at Toi Market, the insurance included in their loans covered their repayments. Microinsurance like this, which costs just a few shillings a month, builds financial resilience without burdening the customer, supporting both households and financial institutions,” she explained.
Turaco CEO Ted Pantone shared that the company’s vision is to insure one billion people worldwide, aiming to double global insurance coverage and shield more people from financial shocks.
“Our products are designed to be affordable, starting at just 100 shillings a month, to make sure everyone can protect their future,” he said.
Pantone added that Turaco uses technology to reduce the costs of servicing insurance, making it more accessible.
“To disrupt the industry, we must understand our products and risk management deeply, which helps us find ways to do things better,” he said.
David Mugonyi, Director General of the Communication Authority of Kenya, expressed enthusiasm for Turaco’s launch, noting the insurtech’s innovative approach and integration with telcos and other tech platforms.
“With Turaco’s API, telcos can enable instant policy activation on USSD, and claims can be processed within seconds through AI. These advancements are essential for expanding insurance access,” he added.
Mugonyi emphasized that collaboration will be essential to ensure that all Kenyans have access to suitable insurance solutions.
