News and Analysis
June 10, 2026
Turaco, a Nairobi-based microinsurance company, was named the winner of the Innovation of the Year Award at the 11th African Insurance Awards held in Cairo, Egypt.
The award held on Sunday, June 7, recognised organisations that are transforming the insurance sector through innovation, impact, and scalable solutions.
Specifically, the African Reinsurance Corporation (Africa Re), the organisers of the event, noted that the award recognises Turaco’s partnership with ASA Microfinance Kenya in embedding insurance for the underserved.
Turaco beat finalists from the Democratic Republic of the Congo, Nigeria, Benin, and Angola to claim the continental recognition.
“ASA LifeCare is the result of a strategic partnership with ASA Microfinance Kenya, which uses the microfinance infrastructure as a point of access for insurance by embedding the policy directly into a customer’s financial journey,” read the statement in part.
“ASA LifeCare is an exceptional insurance product for low-income communities. It has already enrolled about 250,000 active policies in Kenya and insured about 500,000 across Kenya, Uganda, and Nigeria within 4 months of its launch.”
Since being founded in 2018, Turaco has built its business around embedded insurance, a model that allows banks, fintechs, telecommunications companies, microfinance institutions, and other businesses to integrate insurance into products customers already use.
The approach has enabled more than 5 million people across Africa and South Asia to access insurance coverage, with 75% receiving insurance for the first time.
Unlike traditional insurance products, embedded insurance is bundled into existing services, making coverage easier to access for low-income and underserved populations.
Turaco says its products start from as little as $0.50 (about Ksh65) and are supported by technology that simplifies the claims process. Customers can submit claims through WhatsApp, while artificial intelligence helps assess claims and reduce processing times.
The award comes during a period of rapid growth for the company. Earlier this year, Turaco was recognised by the Financial Times as one of Africa's Fastest Growing Companies for the second consecutive year, ranking second in Kenya and 29th across the continent.
The company currently operates in Kenya, Uganda, Ghana, Nigeria, Zambia, and Tanzania. In 2026, it expanded into Pakistan.
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