Bboxx partners with Turaco to offer insurance solutions to customers

STARTUP VENTURE CAPITALJanuary 13, 2024 at 4:46 PM UTC

TLDR

Bboxx partners with Turaco to offer low-cost health insurance to off-grid solar customers.
Turaco's insurance products are affordable, with prices below ₦2,000 per month.
Claims can be filed through WhatsApp or a phone call, and payouts are processed in less than three days.

Bboxx, a provider of off-grid solar solutions, has entered into a partnership with insurtech startup Turaco to offer insurance products to its customers. The collaboration aims to make low-cost, valuable health insurance accessible to individuals who are often excluded from insurance coverage.

The insurance products provided by Turaco, targeted at underserved customers and low-income earners, are priced at less than ₦2,000 ($1.70) per month. These products come with straightforward terms and conditions, and the claims process is fully digitized. Bboxx customers can file claims through WhatsApp or a phone call, and payouts are processed in less than three days via mobile money.

The partnership has received support and mentorship from FSD Africa and Bimalab, with backing from NAICOM (National Insurance Commission). BimaLab plays a significant role as a key partner for Turaco in Nigeria.

Key Takeaways

The insurance sector in Africa is ripe for digital disruption. As of 2018, the insurance penetration rate stood at a meager 1.12% or 3% with South Africa, highlighting an ever-growing need for innovative solutions to address the significant lack of coverage on the continent. Many startups have emerged in recent years to address this, riding on the increasing adoption of mobile devices, but funding remains few and far between. As the continent plays catch-up in the global insurance space, partnerships like this are crucial to ensure the wide reach of innovation in the space.

Bboxx

Turaco

Insurtech

Insurance

FSD Africa

Bimalab

NAICOM