Kenyan insurtech startup, Lami acquires Bluewave, now in Malawi and DRC, targets the rest of Africa
Kenyan insurtech startup Lami Technologies has announced its acquisition of Bluewave Insurance Agency. This Kenyan-based insurtech startup leverages mobile technology to reach the underserved population for an undisclosed amount. It seeks to make insurance covers accessible and affordable for more people across the African continent.
This acquisition is a plus to Lami’s aims to continue its mission of democratizing insurance products and services for low-income people by providing them with access to convenient and affordable policies that extend to people at the bottom of the pyramid.
Adelaide Odhiambo founded Bluewave insurance in 2016. The acquisition will see Adelaide join Lami as the head of commercial partnerships.
Bluewave has built an online platform that allows clients to access micro-insurance products through different channels, including USSD, SMS, WhatsApp chatbots, and web applications. Lami will integrate Bluewave’s technology into its core platform to further strengthen its B2B2C facilities in this new arrangement.
Despite the acquisition, Bluewave will continue to retain its identity.
The new deal gives Lami access to markets in Malawi and the Democratic Republic of Congo (DRC), where Bluewave already has a strong presence. With an expected business growth of 65,000 current policies and potential development of hundreds of thousands expected in 2022 across Kenya, Malawi, Tanzania, Uganda, Rwanda, Nigeria, Gambia, and the Democratic Republic of Congo (DRC).
Bluewave has built cutting-edge technology for its online platform that allows its customers to access micro-insurance products through diverse channels such as USSD, SMS, WEB Applications, IVR, telemedicine, and mobile application support medical business.
The platform encompasses 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 an easy enrolment process.
Lami will incorporate Bluewaves technology into its core technology platform to enhance its B2B2C capacities for partners and customers while introducing features such as USSD, WhatsApp bots, and claims dashboards.
Jihan Abass, Founder and CEO at Lami Technologies, in his reaction to the deal, 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, reach more partners across the continent, and enable us to provide more people with the policies they require.
We are very excited to work with Adelaide Odhiambo to revolutionize insurance products through technology and innovation.”
Commenting on the acquisition, Adelaide Odhiambo, Founder, and CEO, of Bluewave Insurance Agency, expressed her excitement in partnering with Lami to close the widening gap in insuring the uninsured Africans.
“Africa has an ever-growing need for insurance solutions to help reduce the significant impact on the risk of the lack of coverage created by sinking its people into substantial 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 solid leadership. I am indeed so excited to be joining forces with the team to solve a problem our continent so desperately requires.”
Roy Perlot, CFO, Lami Technologies, expressed optimism about the deal, “I am very enthusiastic about this acquisition and believe it will bring exponential growth for both companies.” “With increased resources, enhanced technology and innovation, expertise, and market expansion, this acquisition will help us create a more competitive environment for insurtech in Africa as we continue to work on providing insurance products that are affordable and convenient for all Africans.”