Nura Kemis 
By enabling our business partners to offer customized insurance solutions, we are helping them provide more value to their customers, while enabling large volumes of users to access insurance,often for the first time.
Lami Technologies, a Kenyan insurance technology (insurtech) company has raised $1.8 million
(Sh192.1 million) seed funding as it plans to accelerate growth of digital insurance in Africa.
The firm aims to democratize insurance products and services for low-income Kenyans with
similar intentions beyond the borders, as it slowly expands its presence in the region and Africa.
The round was led by Accion Venture Lab's seed-stage investment initiative that provides
capital and extensive support to innovative fintech startups that are improving the reach,
quality, and affordability of financial services for the underserved.
Founded by Jihan Abass in 2018, Lami is a digital insurance platform that enables partner
businesses including banks, tech companies, and other entities to easily and seamlessly offer
digital insurance products to their users via its API.
Lami can also be used by partner businesses to manage their own insurance needs.
It connects partner organizations, such as e-commerce platform Jumia, with underwriters and
allows them to offer a superior customer journey.
Through its API, users can get a quotation for motor, medical, or other tailored insurance
products in seconds, then customize the benefits and adjust the premium to suit their needs,
get their policy documents instantly, and claims are paid in record time.
Lami’s services are enabled by its flexible insurance rating engine and direct integration with
several parties and insurance companies.
The company co-designs innovative products with its underwriting partners to enable
businesses to offer unique insurance products to their underlying customer base, with flexible
options that meet their needs and cash flows, such as monthly medical policies for startup
employees.
Jihan Abass, CEO, Lami, said: “This funding will allow us to invest in hiring more people,
improving our technology and growing our presence across Africa as we can continue to
address the persistent insurance gap.”
The firm is keen to make insurance products more accessible and affordable for underserved
populations.
“By enabling our business partners to offer customized insurance solutions, we are helping
them provide more value to their customers, while enabling large volumes of users to access
insurance, often for the first time,”Jihan said.
Kenya has generally experienced low levels of insurance penetration over the recent past at
2.34 per cent.
In Africa, penetration rate is at an average three per cent (3%) as the sector continues to face
modernization and innovation challenges.
“Ninety-seven percent of Africans lack access to insurance, a financial safety net that can help
them build resilience against economic shocks,” said Michael Schlein, President and CEO,
Accion Venture Lab.
According to experts, most insurance providers on the continent fail to offer flexible, affordable
and tailored insurance coverage that can provide a safety net for the African consumer.
Low insurance uptake is partly due to the traditional distribution and administration of policies,
which mainly still relies on brick-and-mortar channels where policies are sold and processed
manually.
To beat this, Lami uses digital insurance platform which leverages cloud computing,
automation, and third-party service providers such as emergency and valuation, or identity and
asset verification databases, to offer a comprehensive ecosystem for the businesses they
partner with to develop, distribute and manage insurance products.
Since its inception, the insurtech startup has sold more than 5,000 policies and has partnered
with more than 25 active underwriters, including Britam, Pioneer, and Madison Insurance,
distributing more than 30 products.
This is mainly on medical, motor, employee benefits, and device insurance.
“At Accion Venture Lab, we’re excited by how Lami is using technology to create a pathway for
customers to purchase insurance that is specific to their needs. By embedding customized
insurance within businesses, Lami is making insurance accessible,” said Ashley Lewis, Africa
director, Accion Venture Lab.
