NAIROBI, Kenya, June 8 – Insurtech firm Turaco has won the Innovation of the Year Award at the 11th African Insurance Awards held in Cairo, Egypt, in recognition of its efforts to expand access to insurance through technology-driven solutions.
The award honours organisations transforming the insurance industry through innovation, impact and scalability. Turaco was recognised for its embedded insurance model, which has enabled more than five million people across Africa and South Asia to access financial protection through products and services they already use.
According to the company, about 75 percent of those covered had never previously accessed insurance.
Turaco emerged top among finalists from across the continent, including insurers from the Democratic Republic of Congo, Nigeria, Benin and Angola.
The company’s embedded insurance model allows banks, telecommunications firms, fintechs and other partners to integrate insurance products directly into their existing offerings, making coverage more accessible and affordable.
Premiums start from as little as $0.50, targeting low-income and underserved communities that have historically been excluded from traditional insurance services.
Turaco has also leveraged technology to simplify claims processing, including paperless claims submitted through WhatsApp, artificial intelligence-powered assessments and a multilingual customer support centre.
The innovations have helped reduce the company’s median claims turnaround time to about four hours.
“This recognition from the African Insurance Awards belongs to our partners as much as it does to Turaco. Together, we are proving that insurance can be simple, affordable and accessible to the millions of people who need it most,” said Ted Pantone, Co-founder and Chief Executive Officer of Turaco.
The award comes during a period of rapid growth for the Nairobi-headquartered company.
Earlier this year, Turaco was recognised by the Financial Times among Africa’s fastest-growing companies for the second consecutive year, ranking second in Kenya and 29th across the continent.
Since its launch in 2018, the company has expanded operations to Kenya, Uganda, Ghana, Nigeria, Zambia and Tanzania. It recently entered Pakistan, marking its first expansion outside Africa.
Industry players say embedded insurance is emerging as a key tool for increasing insurance penetration in Africa, where uptake remains among the lowest globally despite growing demand for financial protection products.
