The Independent Uganda: You get the Truth we Pay the Price
Kampala, Uganda | THE INDEPENDENT | Turaco, an insurtech company has acquired an underwriting license in Uganda and aims to provide affordable and simple microinsurance products, reaching unserved and underserved individuals, executives said on Aug.22 in Kampala.
According to the Turaco officials, the firm will design and distribute simple products that target the key risk mass-market customers face, with policies starting at just Shs1,000 per month.
“Through its customer-centric approach, Turaco will offer terms and conditions that are simple enough to fit 3 SMS messages, such that even first-time insurance customers are able to understand their policy and what is covered,” an official said.
“As an underwriter, it will make it easy to sign up by integrating with distribution partners’ systems via an information technology system dubbed Application Programming Interface (API). Customers will be able to access insurance through a simple touch of a button.”
Officials promised that the company will process and facilitate the payment of claims in just hours, building customer trust in the industry.
Speaking during the official launch, Hamza Mutebi, the company’s general manager and principal officer said, “Today is a big day for Turaco…from our humble beginnings as an agency to now an underwriting entity, we are proud of acquiring our license. It is a major milestone. This is huge for us because it now allows us to both design and distribute affordable products that are simple and accessible.”
He said they would use simple technology to quickly pay claims using channels such as WhatsApp.
Calling for the prioritisation of innovation in microinsurance, Bernard Obel, Insurance Regulatory Authority director supervision, said, “Microinsurance aims to benefit a population group that often lacks knowledge about insurance. As regulators, we must facilitate insurers in developing simple products that the poor can easily understand.”
Mutebi said, as regulators, they will work with all industry players to develop products, define governance, and establish service standards.
