Letshego Uganda, a subsidiary of Letshego Holdings Limited (“Letshego Group”), has partnered with Africa’s leading insurtech Turaco Insurance Brokers Ltd T/A Turaco, to provide affordable health insurance coverage to Letshego customers. The partnership aims to help mitigate health-related financial risks in line with Letshego’s mission of empowering the underbanked and driving financial inclusion in Africa.
With a mere 1% of Ugandans currently covered by formal insurance plans, the partnership will help bridge that gap. Letshego customers will now be able to safeguard themselves and their families against unforeseen medical-related expenses. The insurance product named “LetsGo Insure” will be an embedded and enhancement for clients of Letshego’s Deduction at Source solution. With Turaco’s proprietary technology, qualifying Letshego customers will be automatically signed up for LetsGo Insure as part of their loan onboarding process.
LetsGo Insure has two benefits: Hospital Cash and Last Expense Cover (Funeral benefit). Hospital Cash acts as income replacement upon hospitalisation with a UGX 1,000,000 benefit, while the Life Cover (funeral) benefit provides financial relief of UGX 2,000,000 to the insured’s family in the unfortunate event of their passing, easing the burden of funeral expenses during a difficult time.
Giles Germany, CEO, Letshego Uganda, highlighted the significance of this partnership in empowering Letshego customers to protect themselves. He stated, “At Letshego, we are committed to providing our customers with holistic financial solutions that meet their evolving needs. Partnering with Turaco to offer LetsGo Insure is a significant step towards achieving our goal of “Improving Lives” in Uganda. We believe that this collaboration will not only offer our customers essential protection but also enable them to thrive and pursue their aspirations with greater confidence.”
“Most Ugandans today remain unreached by mainstream insurance, leaving them incredibly vulnerable to financial shocks caused by illness, accidents, and death. Strategic partnerships like this one remain critical in enabling Ugandans to access affordable and valuable insurance providing them a financial safety net and, ultimately, peace of mind. We extend our sincere appreciation to Letshego Uganda for embarking on this journey with us, driving mass-market insurance adoption in Uganda.” expressed Hamza Mutebi, General Manager, Turaco.
Letshego customers can now take advantage of this LetsGo Insure offering merely by continuing to borrow from Letshego. By joining forces, Turaco and Letshego Uganda are committed to ensuring that affordable and tailored insurance options are accessible to all, contributing to the overall financial resilience and protection of the people of Uganda.