M-KOPA and Turaco have jointly insured one million Kenyans with embedded Hospital Cash coverage, enhancing financial security through smartphones. This initiative aims to alleviate the burden of medical expenses, particularly benefiting Everyday Earners. Following a successful rollout, more customers reported increased business investments and reduced anxiety due to insurance. The partnership plans to expand into additional African markets, starting with Ghana.
M-KOPA and Turaco have successfully insured one million Kenyans by providing them with embedded Hospital Cash coverage through M-KOPA smartphones. This initiative, part of their “More Than a Phone” digital financial services offering, aims to provide financial security for Everyday Earners in Kenya without any additional cost. Medical emergencies can bring financial burdens to families, as many households face catastrophic health expenses each year. Private health insurance serves as a protective measure against these unexpected costs, complementing government initiatives like SHA.
Initially rolled out in June 2024 after successful trials, the Hospital Cash coverage comes with every M-KOPA smartphone, offering users 12 months of coverage. Customers are compensated with Ksh 1,000 daily when hospitalized overnight in any Ministry of Health registered facility. This integrated insurance feature aims to relieve users’ anxiety during medical emergencies, allowing them to concentrate on achieving their financial aspirations.
Martin Kingori, the General Manager of M-KOPA Kenya, emphasized the partnership’s importance in providing crucial support. The embedded insurance acts as a safety net for unexpected medical expenses, crucial for helping users stay committed to their financial goals. Additionally, customer testimonials, like that of Boniface Mutiso, highlight the program’s effectiveness in meeting healthcare costs promptly.
A recent impact report from Turaco and M-KOPA reveals significant outcomes for the insured population. Notably, 75% of these individuals had previously lacked health insurance, while over half reported increased business investments thanks to the financial reassurance provided by this coverage. Moreover, the insurance has fostered financial confidence, particularly among women, and over 75% of those who made claims noted a reduction in daily payment pressures.
Ted Pantone, CEO of Turaco, reiterated their commitment to making insurance accessible and affordable to a broader audience. He identified the partnership with M-KOPA as a transformative model for extending insurance coverage into daily life routines. Following this achievement, Turaco and M-KOPA are planning to expand their insurance offerings to additional markets in Africa, starting with Ghana.
The collaboration between M-KOPA and Turaco represents a significant advancement in accessible healthcare coverage for Kenyans. By embedding insurance into M-KOPA smartphones, the initiative has provided essential financial security to one million individuals, showcasing the power of partnerships in improving lives. The report signifies enhanced customer health access, financial growth, and reduced anxiety, paving the way for future expansions in Africa’s underserved communities.
Original Source: techafricanews.com
