The digital insurance startup that was founded in 2018 enables partner businesses such as banks, technology companies, and other entities – to seamlessly provide digital insurance products to their users via its API.
The startup, which was selected in 2021 by Catalyst Fund as part of the eighth cohort of its inclusive fintech accelerator and also reportedly secured US$1.8mn in seed funding, can be used by partner businesses to manage their own insurance needs. Lami connects partner organisations with underwriters and enables them to offer a superior customer journey.
The insurtech’s acquisition of Bluewave, which was founded by insurance entrepreneur Adelaide Odhiambo in 2016, offers a robust micro-insurance system that provides customers with swift access to a range of insurance products. The M&A will see Odhiambo join the Lami team as director of commercial partnerships.
Lami to expand its marketplace presence
According to reports, Lami says the acquisition of Bluewave will assist in growing its presence across Africa by entering new markets where Bluewave is already operating.
Projections suggest the collaboration will result in expected business growth of 65,000 current policies and potential growth of hundreds of thousands expected in 2022 across Kenya, Malawi, Tanzania, Uganda, Rwanda, Nigeria, Gambia, and the Democratic Republic of Congo (DRC).
The move will also grow Lami’s customer segment and products. In Malawi, for example, Bluewave already serves over 60,000 smallholder farmers, providing them with cover through the insurtech’s agile micro-insurance platform.
Speaking about the acquisition, Jihan Abass explained, “At Lami, our mission is to ensure Africans from all walks of life have access to affordable insurance products that allow them to build financial security. That is why we are making this investment to continue to support Bluewave’s customers and reach more partners across the continent and in turn enables us to provide more people with the policies they require. We are very excited to work with Adelaide Odhiambo to revolutionise insurance products through technology and innovation.”
Odhiambo added, “Africa has an ever-growing need for insurance solutions to help reduce the huge impact of the risk the lack of coverage creates by sinking its people into huge financial burdens. By joining forces with Lami, we look forward to moving faster in software development, marketing, expansion, and fast-track delivery of the most needed insurance solutions. Jihan is incredibly talented, brilliant, and exudes confidence and charisma, qualities that are excellent for strong leadership. I am indeed so excited to be joining forces with the team to solve a problem our continent so desperately requires.”