To expand to new African markets Bluewave acquired by Kenyan insurtech startup Lami

Lami, a Nairobi-based insurtech business, has acquired Bluewave, a fellow Nairobi-based insurtech startup, in order to accelerate growth and expand its footprint into new African markets.

Lami is a digital insurance platform founded by Jihan Abass in 2018. Its API allows partner organisations – such as banks, IT firms, and other entities – to simply and smoothly offer digital insurance products to their subscribers.

The startup, which was selected by Catalyst Fund as part of its inclusive fintech accelerator’s eighth cohort and received US $1.8 million in seed funding last year, can also be used by partner businesses to manage their own insurance needs and connects them with underwriters, allowing them to provide a better customer experience.

Meanwhile, Adelaide Odhiambo launched Bluewave in 2016 and has developed a sophisticated micro-insurance system that provides consumers with quick access to a variety of insurance products. Odhiambo will join Lami as director of commercial partnerships as a result of the transaction.

Lami said the Bluewave acquisition will help the company expand its presence across Africa by entering new markets where Bluewave already operates, with 65,000 current policies expected to grow to hundreds of thousands in 2022 across Kenya, Malawi, Tanzania, Uganda, Rwanda, Nigeria, Gambia, and the Democratic Republic of Congo (DRC).

The purchase will also expand Lami’s client group and product offerings; for example, Bluewave covers over 60,000 smallholder farmers in Malawi through their dynamic micro-insurance platform, which provides them with access to policies.

“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 enable 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,” Abass said.

“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,” Odhiambo said.