HomeTechnologyKenyan insurtech startup Lami enters Malawi, DRC after acquiring Bluewave, eyes rest...

Kenyan insurtech startup Lami enters Malawi, DRC after acquiring Bluewave, eyes rest of Africa – TechCrunch

Kenyan insurtech startup Lami Technologies has acquired Bluewave Insurance Agency for an undisclosed quantity because it seeks to make insurance coverage covers accessible to extra individuals throughout Africa.

Bluewave insurance coverage, additionally a Kenyan startup, was based by Adelaide Odhiambo, who now joins Lami as the top of industrial partnerships.

Since its launch in 2016, Bluewave has constructed an internet platform that enables purchasers to entry micro-insurance merchandise by means of numerous channels together with USSD, SMS, WhatsApp chatbots, and internet functions. In the brand new association, Lami will combine Bluewave’s expertise into its core platform additional enhancing its B2B2C capabilities.

The deal has additionally opened up new markets for Lami in Malawi and the Democratic Republic of Congo (DRC) the place Bluewave already has operations. By accessing Malawi, as an illustration, Lami will faucet hundreds of smallholder farmers together with the 60,000 already on Bluewave’s database.

Lami Technologies founder and CEO Jihan Abass, throughout an interview concerning the acquisition, instructed TechCrunch that, “One of the things that really made us excited about this opportunity was the fact that we are working towards a very common vision of democratizing access to insurance. Our visions were very much aligned.”

“The Bluewave team had created modules (like USSD-based micro insurance products), which we felt could particularly enhance our B2B2C offerings. They’ve done quite a lot of work around claims modules for micro insurance products. All these different things can be integrated into the core Lami platform. We can also continue to build on top of it, and also use parts of our technology to enhance offerings, like our advanced pricing modules, to make that experience much better,” stated Abass.

Lami is eyeing extra markets in North and West Africa this 12 months Lami. Image Credits: Lami Technologies

The acquisition comes at a time when Lami is trying to enter Nigeria and a quantity of nations in North Africa this 12 months. Outside Kenya, Lami is in different markets like Uganda and Tanzania by means of partnerships.

“We’re looking at additional markets this year. That’s our core focus and why this acquisition was super-exciting; it gives us the upper hand as we continue to expand,” she stated.

Innovations and enlargement of digital companies like Lami’s are driving insurance coverage uptake by permitting micro-payments, versatile sign-ups, fast-turnaround time for claims and entry to a variety of companies by means of cellphones. In Africa, insurance penetration is lower than 3%; and if you happen to take out South Africa the protection drops to 1.2%. It is that this hole that drove Abass to construct Lami, which was launched in Kenya in 2018.

Lami co-designs merchandise with its underwriting companions, extending distinctive insurance coverage merchandise to their prospects, and thru its technological infrastructure, facilitates the distribution of insurance coverage merchandise by way of a B2B2C strategy.

The startup’s API permits entities like banks to supply digital insurance coverage merchandise to their prospects – reaching the lots conveniently. Over the years, Lami has built-in its API with 12 entities in varied sectors together with logistics, e-commerce, banking and fintech, extending totally different merchandise to their customers.

Among the businesses that Lami has current partnerships with is Sendy, a digital logistics startup, and Kwara, a neo-bank for credit score unions.

The partnership with Sendy allows freight carriers in East Africa (Kenya, Uganda and Tanzania) to entry transit insurance coverage per-trip foundation, whereas its work with Kwara makes insurance products accessible to the over 60,000 sacco members.

As expertise continues to encourage new merchandise and processes, Abbas tasks that the insurance coverage sector goes to face fixed disruption geared in the direction of extra personalised merchandise.

“You’re going to see a lot more data driven pricing that takes into account the risks involved,” she stated.

“ And I think that’s going to really help make products more affordable, because there’ll be more customized products. I think we’re also going to see a lot more use of AI, particularly around claims processing and also for pricing.”

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