Fintech start-up Power Financial Wellness has joined forces with insurtech firm Turaco to offer affordable health insurance products to its customers. Falling under Power’s “Protect” product pillar, this collaboration expands Power’s capacity to empower workers across Africa to take charge of their financial well-being. Through affordable insurance products with flexible premium payments, gig and salaried workers can alleviate financial-related stress.
As digitization continues to transform the way people transact, borrow, save, and insure, Power seeks to simplify the process and empower workers across Africa by providing a holistic financial wellness solution for companies and their workforces. Using API integrations, the platform connects banks, asset managers, and insurance providers to end-users, enabling frictionless access to a host of financial solutions. Workers can leverage their earnings to streamline bill payments, save and invest, cover insurance installments, or borrow for the long term.
“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.
Power and Turaco’s API integration capabilities 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 six to nine-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 Ksh200 ($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.
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