Kenyan InsurTech Lami has acquired Bluewave Insurance Agency, an InsurTech startup that leverages mobile technology to reach the underserved population, tapping into Africa’s insurance gap.
With this acquisition, Lami said it aims to continue its mission towards democratising insurance products and services for low-income Africans by providing them with access to convenient and affordable policies that extend to people at the bottom of the pyramid.
Lami’s acquisition of Bluewave will help grow its presence across Africa by entering new markets where Bluewave is already operating with an 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 acquisition will also grow Lami’s customer segment/products, for example: in Malawi, Bluewave reaches more than 60,000 smallholder farmers by providing them with access to policies through their dynamic micro-insurance platform.
The platform includes a variety of micro-insurance products including Mobile Network Operators (Telecom Kenya), banks, MFI’s, agriculture/crop policies (increasing food security), and mass-market digitally-driven products reaching thousands of customers through a seamless enrolment process.
Lami will integrate and repurpose Bluewaves technology into its core technology platform enhancing its B2B2C capabilities for partners and customers while introducing features such as USSD, WhatsApp bots, and claims dashboards.
Jihan Abass, founder and CEO, Lami Technologies, said, “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 enabling us to provide more people with the policies they require.”
Bluewave will continue to own its entity despite the acquisition. Through the acquisition, Lami will take over the Bluewave team and commercial partnerships to continue operations.
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