4G Capital Group, which promotes technology-driven financial inclusion, has partnered with InsurTech and microinsurance startup Turaco to introduce micro health insurance solutions to clients across Kenya.
By offering micro health insurance, 4G Capital hopes to protect its 104,000 Kenyan clients from devastating financial consequences as a result of sickness or injury. The majority of 4G Capital’s clients are traders operating within the informal sector, where one unexpected financial burden could put them out of business, according to an African Business report.
The Kenyan government’s most recent Universal Health Coverage (UHC) Social Assessment Report shows that 62% of Kenyans do not have health insurance. The National Hospital Insurance Fund (NHIF) covers 35% of all Kenyans, and approximately 1.5 million (c.3%) Kenyans have private healthcare insurance.
Turaco is offering 4G Capital’s clients an insurance package designed to ease the financial burdens associated with hospital admissions and death. The insurance is a safety net for people who are hospitalised for three consecutive nights or more, or in the unfortunate event that they pass away. The cost of a 12-month policy starts at KES1,000 ($9.43) a year. 4G Capital’s clients will be able to claim via WhatsApp or telephone and receive cash sent to their mobile money wallets in just 72 hours. The product is underwritten by Prudential Life Assurance Kenya, and distributed by Ellard Insurance Agency DBA Turaco.
Turaco’s insurance policies cover COVID-19, giving additional peace of mind to 4G Capital’s clients.
4G Capital has over 90 local branches across Kenya and Uganda, and all remain open and supportive of government pandemic management policies.
Since 2013, 4G Capital’s primary focus has been to unlock the potential of East Africa’s micro and small businesses through the provision of working capital credit combined with financial literacy and business enterprise training.