Today, Kenya insurtech Lami Technologies has closed a $1.8 million seed funding round led by Accion Venture Lab and participation players such as AAIC Consonance, Acuity Ventures, P1 Ventures, Future Africa, and The Continent Venture Partners.
The funding is for the enhancement of its digital insurance platform, which seeks to protect low-income populations while expanding its presence across Africa. As an insurtech, Lami strives to democratize insurance products and services among Kenyans in the low-income bracket.
Lami Technologies was founded by Jihan Abass in 2018 as a digital insurance platform enabling partner businesses, banks, tech companies, and other entities to easily offer digital insurance products to their users through its API.
Lami looks to connects partner organizations such as the e-commerce platform Jumia. On its API, users can receive a quote for medical, motor, and other tailored insurance products. Benefits are then customized purposefully to suit the client’s needs, issue them with a policy document, and facilitate prompt payment of claims. Lami offers services with a flexible insurance rating engine that directs integration across several parties and insurance companies.
In a statement, Jihan Abass, the CEO said that the funding okays them to hire more people while growing its insurance presence throughout Africa. Since Lami insurance began, the company has only managed to sell 5,000 policies while partnering with 25 active underwriters, particularly Madison, Bitam, and Pioneer insurance.
Michael Schlein, the President-CEO at Accion Venture Lab was upbeat on how “Lami is using technology to create a pathway” while allowing customers to buy insurance that specifically meets their needs.
We are excited to announce our $1.8m seed funding as we continue to work on accelerating the growth of digital insurance in Africa. A special thanks to our people, customers, partners and investors for being part of our journey. pic.twitter.com/RdpL7SWsIu
— Lami (@LamiInsurtech) May 5, 2021