Turaco, one of Africa’s fastest-growing companies, 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 recognises organisations transforming the insurance industry through innovation, impact and scalability.
Turaco was recognised for pioneering an embedded insurance model that has enabled more than 5 million people across Africa and South Asia to access financial protection through products they already use, with 75% receiving insurance for the first time.
Turaco emerged as the winner from a competitive field of finalists that included Activa Assurances DRC (Democratic Republic of the Congo), Cornerstone Insurance Plc (Nigeria), NSIA Assurances (Benin), and Viva Seguros SA (Angola).
The African Insurance Awards celebrate excellence, leadership and innovation across the continent’s insurance sector.
Turaco’s recognition highlights the growing role of technology-enabled insurance solutions in expanding financial inclusion by helping more families and businesses recover from unexpected shocks.
Embedded Insurance at Scale
Turaco’s embedded insurance model enables financial institutions, fintechs, telcos and other partners to integrate affordable insurance directly into products used by millions of customers, expanding financial inclusion at scale.
Products are designed to be simple and affordable, with premiums starting from as little as US$0.50.
Beyond affordable premiums, Turaco is transforming the insurance experience through technology.
Innovations include paperless claims processed entirely through WhatsApp, AI-powered claims assessment, and a 24-hour multilingual customer support centre capable of serving customers in both international and local languages.
This has reduced Turaco’s median claims turnaround times to just four hours, helping customers access support when they need it most.
“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.” — Ted Pantone, Co-founder and CEO, Turaco
A Period of Significant Growth
The award follows a period of significant growth for the company. Earlier this year, Turaco was recognised by the Financial Times as one of Africa’s Fastest Growing Companies for the second consecutive year, ranking second in Kenya and 29th across the continent.
The recognition reflects growing demand for innovative solutions that advance financial inclusion and increase insurance penetration among underserved communities across Africa and other emerging markets.
Since launching in 2018, Turaco has expanded across Kenya, Uganda, Ghana, Nigeria, Zambia and Tanzania.
Earlier this year, the company entered Pakistan, marking its first expansion outside Africa and extending its vision of accessible insurance to more underserved communities globally.
