Lami acquires Bluewave to bridge Africa’s insurance gap

Lami, Kenya’s insurance technology company, has acquired Bluewave Insurance Agency, a Kenyan-based insurtech startup that leverages mobile technology to reach the underserved population tapping into Africa’s insurance gap.

Lami has a mission to ensure Africans from all levels of society have access to affordable insurance products

The added capability Bluewave brings will allow Lami to continue its mission to democratise insurance products and services for low-income Africans by providing them with access to convenient and affordable policies that extend to people at the bottom of the pyramid.

Adelaide Odhiambo started Bluewave in 2016 to help Africans gain access to affordable insurance products. She will join the Lami team as Director of Commercial Partnerships and use her industry experience, and extensive knowledge of the processes that help distribute insurance to consumers through technology and partnerships, to accelerate Lami’s growth.

“At Lami, our mission is to ensure Africans from all levels of society have access to affordable insurance products that allow them to build financial security,” says Lami Technologies founder and CEO Jihan Abass.

“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 enabling us to provide more people with the policies they require. We are extremely excited to work with Adelaide Odhiambo to revolutionise insurance products through technology and innovation.”

Potential growth of hundreds of thousands expected in 2022 across Kenya, Malawi, Tanzania, Uganda, Rwanda, Nigeria, Gambia and the DRC

The acquisition will help Lami grow its presence across Africa by entering new markets where Bluewave is already operating. Early projections anticipate business growth of 65 000 current policies and potential growth of hundreds of thousands expected in 2022 across Kenya, Malawi, Tanzania, Uganda, Rwanda, Nigeria, Gambia and the Democratic Republic of Congo (DRC).

Lami will also grow in its customer segment and introduce new products that draw on Bluewave’s expertise. In Malawi Bluewave reaches more than 60 000 smallholder farmers by providing them with access to policies through their dynamic micro-insurance platform.

The platform includes 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 a seamless enrolment process.

Bluewave has invested in building cutting-edge technology for its online platform

“Africa has an ever-growing need for insurance solutions to help reduce the significant impact on the risk of the lack 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,” says Odhlambo.

“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.”

Bluewave has invested in building cutting-edge technology for its online platform that enables its clients to access micro-insurance products through diverse channels such as USSD, SMS, WEB Applications, IVR, telemedicine, mobile application support medical business among others.

The company will continue to own its entity with Lami only taking over the team and commercial partnerships.

Read more: Kenyan insurtech startup secures $1.8-million

Featured image supplied by Lami Technologies