Power Financial Wellness, a fintech startup, has partnered with Turaco, an insurtech firm, to provide customers with affordable health insurance products.
These insurance plans with flexible premium payments, which fall under Power’s “Protect” product pillar, are aimed towards gig and salaried employees across the region.
Power intends to simplify the process and empower workers across Africa by delivering a holistic financial wellness solution for firms and their workforces as technology continues to revolutionize the way people transact, borrow, save, and insure.
The platform connects banks, asset managers, and insurance providers to end-users via API integrations, allowing for seamless access to a variety of financial solutions. Workers can use their earnings to simplify bill payments, save and invest, pay for insurance premiums, or take out long-term loans.
“We are very excited to partner with Turaco. Power is dedicated to providing a marketplace of financial services to working individuals across Africa. With Turaco, we now have a partner that helps digitize tailor-made insurance offerings. With Power’s ability to finance premiums and collect from workers, this partnership will help scale the delivery of affordable insurance to working individuals in Kenya and beyond!” Power’s CEO, Brian Dempsey, said.
The partnership with Turaco expands Power’s already robust set of offerings. Power and Turaco’s API integration capabilities make insurance policy management seamless. This creates a simple and instant digital enrollment process, meaning Power customers can buy insurance with the click of a button and, most importantly, receive financing for the premiums and make payments over a 6 to 9-month period.
This partnership makes multiple tailored insurance products available, addressing the unique needs of Power customers. Products range from credit life insurance, which protects borrowers and their families against repayment challenges due to death, disability, illness, or theft during the loan term, to a hospital cover for as low as KES 200 ($2) a month. Power’s customers can also buy comprehensive, but low-cost insurance with reimbursement on in-patient and out-patient medical expenses.
“This is a great partnership to get Power’s customers insured. Our team integrated Turaco’s simple, robust API with Power in a matter of hours. Power customers can now enroll instantly for an insurance policy with the click of a button – no more cumbersome paperwork. We are proud to be able to support Power in providing frictionless financial services to traditionally underserved customers.” Turaco’s CEO, Ted Pantone, said.