![Turaco and Power Financial Wellness partnership](https://i0.wp.com/techtrendske.co.ke/wp-content/uploads/2022/05/turaco-and-power.png?fit=800%2C558&ssl=1)
Fintech startup Power Financial Wellness has joined forces with insurtech firm Turaco to offer affordable health insurance products to its customers.
Falling under Powerās āProtectā product pillar, these insurance products with flexible premium payments target gig and salaried workers across the region.Ā Ā
As digitization continues to transform the way people transact, borrow, save, and insure, Power says it 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.Ā
Ā āWe 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 Powerās 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!āĀ Powerās CEO, Brian Dempsey, said.
The partnership with Turaco expands Powerās already robust set of offerings. Power and Turacoās 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.Ā
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. Powerās customers can also buy comprehensive, but low-cost insurance with reimbursement on in-patient and out-patient medical expenses.
āThis is a great partnership to get Powerās customers insured. Our team integrated Turacoās 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.āĀ Turacoās CEO, Ted Pantone, said.Ā
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