Former Pula Commercial Director Cedrick Todwell has been appointed as Turaco’s new Business Development Director, effective October 1, 2024.
Based in Kenya, Turaco is Africa’s leading insurtech, offering affordable health and life micro insurance across the continent, with a goal of insuring 2 billion people within the next ten years.
“I am excited to join Turaco, a company that has a track record of being customer-centric, innovative, and keeping its promise of paying claims on time when they’re due,” said Cedric. “In my new role, I will work closely with the team and like-minded partners to help Turaco accelerate Africa insurance penetrations from the current 3% to double digits, said Cedric.
Turaco is a Kenyan-based and Africa’s leading insurtech which provides affordable health and life micro-insurance across the African continent, and aspires to insure 2 billion people in the next 10 years.
During his tenure at Pula, Cedric was very instrumental in helping it scale their micro insurance products by working with Governments and private sectors across Kenya, Uganda, Mozambique , Ghana,and Malawi.
In 2018, the social entrepreneur Cedric Todwell was among Kenya top 40 under 40 nominees.
Besides that, he has won other honours. In 2018, for example, he was honoured with the Change Makers award for his advocacy of accessible and cheap sustainable energy in Africa at the 100 Change Makers awards gala dinner in Johannesburg.
With an emphasis on micro health, credit life, micro property, and life products created, delivered, and supported with the Kenyan mass market consumer in mind, Turaco has insured more than 2.5 million lives, according to Todwell.
The creative product design of Turaco, which is easy to use and reasonably priced starting at Ksh100 premium each month, is the first step towards its cutting edge. Other features include an automated claims process, a telesales technique that makes use of local and accessible language, and good product design.
With our AI technology, we can quickly and efficiently pay claims to banks or M-PESA. Turaco is concerned about paying claims.
The company, which Ted Pantone founded in 2019, said it has achieved a significant milestone by gaining 2.5 million clients across Kenya, Ghana, Nigeria, and Uganda.
Turaco has a higher focus on its high-touch, customer-centric distribution approach than other insurtech start-ups, which is what drives sales.
Turaco offers a wide selection of products, most of which are micro insurance products such as micro-life, credit life, hospital cash, and funeral cover.
Reputable and well-known customers like Airtel, Vision Fund, One Acre Fund, M-KOPA, Letshego, Tugende, and ABSA are just a few of the companies that have shown interest in working with them.
The development of a model tailored to meet the demands of this enormous underserved market has allowed for this to happen.
The business completed a $10 million Series A funding round in September 2022, and it is utilising the funds to expand into new operating markets.
Turaco has established partnerships with micro finance banks, telecoms, and saccos to offer insurance products to its clientele via these channels.
The micro insurance provider operates in two ways: either by offering insurance as a stand-alone product that clients may purchase directly, or by integrating it with other goods.
Ted Pantone, the CEO of Turaco, claims that his company is changing the insurance market by making it more approachable and affordable for all.
Our goal is to change the insurance industry. Ted Pantone said, “We facilitate claims payment fast – usually within a few hours of receiving claims documentation.” We do this by using our tech-driven claims process.
“We strive to transform the way insurance works. Using our tech driven claims process, we facilitate claims payment fast -usually within a few hours of receiving claims documentation,” stated Ted Pantone.
“Our customer-centric team provides education and awareness on the value of insurance and ensures customers fully understand the product, terms and conditions, and how to claim,” he added.
