Turaco Insurance Agency Kenya and Autochek Kenya have announced a strategic partnership aimed at offering monthly comprehensive motor insurance coverage to clients.
This collaboration between Autocheck and Turaco was reached on September 10, 2024, responds to the increasing demand for flexible insurance options, and seeks to provide tailored insurance solutions for vehicle owners in Kenya.
The partnership comes at a time when the car financing market in Kenya is experiencing notable growth, with vehicle loans increasing by approximately 15% annually and vehicle loan imports rising by 10%. This makes the collaboration timely and valuable.
The alliance will offer a holistic service integration, combining vehicle financing, insurance, tracking, and maintenance under a single digital platform. This integrated approach is designed to meet the current market demand effectively.
Making Insurance More Affordable
According to a press release from Autochek Kenya, the partnership aims to make vehicle insurance more affordable and manageable by providing monthly payment plans rather than traditional annual premiums.
This new approach is expected to better manage car owners’ expenses while maintaining the extensive coverage provided by comprehensive insurance. The monthly payment option marks a significant milestone in ensuring affordability and continuous coverage for vehicle owners.
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Statements from Turaco and Autochek
During the announcement, Autochek’s Country Manager, Henry Mbugua, remarked, “We are thrilled to collaborate with Turaco to offer our clients an innovative insurance solution that aligns with their financial needs.”
“This partnership underscores our commitment to enhancing the vehicle ownership experience by providing comprehensive and affordable services while ensuring competitive prices,” he added.
Turaco’s CEO, Ted Pantone, stated, “At Turaco, we’re transforming the insurance industry by making it accessible and attainable for everyone. Our vision is powered by partnerships with like-minded companies like Autochek, who are equally committed to using technology to create seamless customer experiences.”
He further added, “By combining our tech-driven approach with flexible monthly installments, we empower Autochek to offer their customers top-tier insurance access and an exceptional experience.”
Integration into Autochek’s Digital Platform
Insurance issuance will now be integrated into Autochek’s digital platform, allowing clients to easily access and manage their insurance policies alongside their vehicle transactions. This technology-driven approach aims to simplify the management of vehicle insurance and provide instant access to all vehicle-related needs in one place.
The partnership between Turaco and Autochek reflects their joint commitment to delivering a comprehensive automotive experience.
Also Read: Why Insurance in Kenya Needs a Fresh Look
Turaco and Autocheck Backgrounds
Autochek is dedicated to advancing automotive technology to enhance car ownership accessibility and affordability across Africa. Operating in nine countries across East, West, South, and North Africa, Autochek partners with over 2,000 dealers, workshops, and more than 70 banks to transform Africa’s automotive finance landscape. By bringing together various stakeholders, the company facilitates access to diverse financing options, driving growth in the continent’s automotive sector.
Turaco, founded in 2019, is revolutionizing insurance in emerging markets by offering affordable health and life insurance for low-income earners. Active in Kenya, Uganda, Ghana, and Nigeria, Turaco partners with mobile operators, tech firms, and financial institutions to provide insurance with premiums starting as low as $1 per month. By leveraging API integrations and AI, Turaco efficiently activates policies, automates payments, and processes claims faster than traditional insurers.
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