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Kampala, Uganda | THE INDEPENDENT | Letshego Uganda has partnered with Africa’s insurtech Turaco Insurance Brokers Ltd to provide affordable health insurance coverage to Letshego customers.
The partnership aims to help mitigate health-related financial risks in line with Letshego’s mission of empowering the underbanked and driving financial inclusion in Africa. Letshego Uganda is a subsidiary of Letshego Holdings Limited (“Letshego Group”).
“With a mere 1% of Ugandans currently covered by formal insurance plans, the partnership will help bridge that gap. Letshego customers can now safeguard themselves and their families against unforeseen medical-related expenses,” a statement from Letshego said.
The “LetsGo Insure” insurance product will be an embedded enhancement for clients of Letshego’s Deduction at Source solution. With Turaco’s proprietary technology, qualifying Letshego customers will be automatically signed up for LetsGo Insure as part of their loan onboarding process.
LetsGo Insure has two benefits: Hospital Cash and Last Expense Cover (Funeral benefit). Hospital Cash acts as income replacement upon hospitalisation with a Shs1,000,000 benefit, while the Life Cover (funeral) benefit provides financial relief of Shs2,000,000 to the insured’s family in the unfortunate event of their passing, easing the burden of funeral expenses during a difficult time.
Giles Germany, CEO, of Letshego Uganda, said, “At Letshego, we are committed to providing our customers with holistic financial solutions that meet their evolving needs. Partnering with Turaco to offer LetsGo Insure is a significant step towards achieving our goal of “Improving Lives” in Uganda.”
“Most Ugandans today remain unreached by mainstream insurance, leaving them incredibly vulnerable to financial shocks caused by illness, accidents, and death. Strategic partnerships like this one remain critical in enabling Ugandans to access affordable and valuable insurance providing them a financial safety net and, ultimately, peace of mind,” said Hamza Mutebi, General Manager, Turaco.
