Turaco and VisionFund International have signed a global memorandum of understanding (MoU) to expand access to affordable insurance for low-income families across emerging markets.
The partnership builds on existing operations in Kenya and Uganda, where the two organisations have provided insurance cover to about 250,000 people through live products.
The agreement will see the partners expand insurance distribution through VisionFund’s microfinance network while exploring ways to integrate insurance into World Vision programmes as a tool for strengthening household resilience.
Kenya and Uganda will remain the anchor markets, with Tanzania, Ghana, Zambia and Rwanda identified as potential early markets for expansion.
Turaco, an embedded microinsurance and technology company, and VisionFund, the microfinance arm of World Vision, also plan to support other microfinance institutions and organisations seeking to incorporate insurance into their operations.
The partnership will focus on developing products that address preventative and outpatient healthcare needs, shifting insurance beyond financial protection after a crisis to helping families access care earlier.
The companies said they will draw on VisionFund’s experience in Latin America and Asia to inform product development across their markets.
“Our work with VisionFund in Kenya and Uganda has shown us what is possible when insurance is built into the financial products families already trust,” said Ted Pantone, CEO and co-founder of Turaco.
VisionFund International CEO Edgar S. Martinez said the partnership would help extend insurance protection to more families facing financial shocks caused by illness, death, disability and climate-related events.
The partners said the broader objective is to help low-income households withstand such shocks without falling back into poverty.
