Lami Technologies has acquired Bluewave Insurance Agency, an insurtech start-up that uses mobile technology to reach underserved communities and bridge the insurance gap in Africa. The union of the Kenyan women-led digital platforms promises to disrupt the industry and democratise access to insurance across the continent.
Insurance penetration in Africa has been reported to be less than three percent compared to the global average of about seven percent. This significant gap inspired Lami’s founder and CEO, Jihan Abass to launch the company in 2018. Lami has since gone on to provide a number of micro-insurance services including mobile network operator, agriculture/crop policies, and mass market products. Acquiring Bluewave will further enable Lami to provide insurance products and services for more low-income citizens, giving even the most disadvantaged communities access to affordable policies.
Founded in 2016 by Adelaide Odhiambo, Bluewave Insurance Agency has developed an online platform that allows its clients to access micro-insurance products. With a strong presence in countries such as Malawi and the Democratic Republic of Congo (DRC), this acquisition empowers Lami to break into new markets in more African nations. By leveraging Bluewave’s technology on its base platform, Lami will be able to amplify its B2B2C (Business to business to consumer) capabilities.
As part of this new venture, Odhiambo has been named as Lami's new head of commercial partnerships. Lami plans to tap thousands of smallholder farmers, including the 60,000 from Bluewave’s database and it predicts an expansion into Gambia, Nigeria, Rwanda, Tanzania, and Uganda. Together, Odhiambo and Abass aim to close the gap in Africa’s insurance sector.