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Lami, a Nairobi-based insurance technology company led by Kenyan businesswoman Jihan Abass, has acquired Bluewave Insurance Agency, another insurtech startup that leverages mobile technology to reach the underserved population tapping into Africa’s insurance gap.
Lami, founded in 2018 by Abass, aims to continue its mission of democratizing insurance products and services for low-income Africans by giving them access to convenient and affordable policies that reach the bottom of the pyramid.
The acquisition of Bluewave, an insurtech startup founded in 2016 by Adelaide Odhiambo, is in line with the firm’s mission to break the three-percent insurance penetration barrier in Africa.
According to a press release issued by the Abass-led startup, the acquisition will help the company expand its presence across Africa by entering new markets where Bluewave is already present, with an expected business growth of 65,000 current policies.
It stated that hundreds of thousands of people could be added in Kenya, Malawi, Tanzania, Uganda, Rwanda, Nigeria, Gambia and the Democratic Republic of the Congo by 2022.
The acquisition will also expand Lami’s customer base in Malawi, where Bluewave provides policies to over 60,000 smallholder farmers through their dynamic micro-insurance platform.
Despite the acquisition, Bluewave will retain ownership of its entity. Lami will take over the Bluewave team and commercial partnerships in order to continue operations.
Jihan Abass, the founder and CEO of Lami Technologies, commented on the transaction, stating that Lami’s mission is to ensure that Africans from all walks of life have access to affordable insurance products that allow them to build financial security.
“We are making this investment so that we can continue to reach out to more partners across the continent, allowing us to provide more people with the policies they require.” “We are thrilled to be collaborating with Adelaide Odhiambo to revolutionize insurance products through technology and innovation,” she said.
“I am very excited about this acquisition and believe it will bring exponential growth for both companies,” Roy Perlot, CFO of Lami Technologies, said.
