Innovation

Turaco Soars as First African InsurTech on Fast Company’s 2024 Most Innovative Companies List

Turaco, Africa’s leading insurtech providing simple and affordable insurance, has been named on Fast Company’s annual list of the World’s Most Innovative Companies of 2024. Turaco has earned the standing of No.4 in Europe, Middle East, and Africa.

Fast Company’s goal with this year’s list is to shine a spotlight on companies that are shaping industry and culture through their innovations. They have selected organizations that are setting new standards and achieving remarkable milestones in all sectors of the economy. 

Commenting on the recognition, Turaco CEO and Co-Founder Ted Pantone said,

“Innovation is core to who we are at Turaco. We founded Turaco on the belief that creativity and technology are essential to make insurance accessible in Africa. Our vision at Turaco is to insure 1 billion people, and our innovative model is driving us there. We have already insured nearly 2 million people with $1.00 per month medical insurance. This recognition by Fast Company is a great nod and validation for what we are building at Turaco.”

Since its founding in 2019, the technology-enabled insurtech has grown to become a market leader at the forefront of simple and affordable insurance solutions. They distribute their embedded insurance through partnerships with top tech-enabled and financing companies such as M-KOPAAirtelOne Acre Fund, and Vision Fund to design white-labeled products. Using AI and API integrations with their partners, Turaco activates policies, automates payments, and processes claims in minutes, whereas traditional insurance companies take weeks. 

Fast Company’s editors and writers identified the companies driving progress around the world and across industries, from early-stage startups to some of the most valuable companies in the world. “Our list of the Most Innovative Companies is both a comprehensive look at the innovation economy and a snapshot of the business trends that defined the year,” said Fast Company editor-in-chief Brendan Vaughan.

“We saw extraordinary innovation across the board in 2023, but we also saw a handful of clear patterns: the growing footprint and impact of AI, the triumphant return of live events, and great leaps forward in climate tech. We face daunting challenges on many fronts, but the solutions we celebrate in MIC give me plenty of hope about the future.”

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