Lami, an insurance coverage expertise agency, has introduced buying Bluewave Insurance coverage Company, a Nairobi-based insurtech agency for an undisclosed sum of cash, permitting it to succeed in Africa’s underserved inhabitants and refill the present insurance coverage hole.
The transfer will see Lami proceed its goal of democratizing insurance coverage items and providers for low-income Africans by providing customers accessible and inexpensive plans inclusive to these on the backside of the pyramid.
As a part of the acquisition settlement, Adelaide Odhiambo, the CEO of Bluewave, can be becoming a member of the Lami group as Director of Industrial Partnerships.
Adelaide’s experience within the enterprise can be invaluable to Lami’s progress. Adelaide is knowledgeable well-versed within the procedures aiding the distribution of insurance coverage to prospects by way of expertise and partnerships.
Talking on the acquisition, Roy Perlot, CFO, Lami Applied sciences, reiterated that the acquisition was a needed step to steer sustainable progress for each firms.
“I’m very keen about this acquisition and imagine it’ll carry exponential progress for each firms. With elevated assets, enhanced expertise and innovation, experience, and market enlargement, this acquisition will assist us create a extra aggressive setting for insurtech in Africa as we proceed to work on offering insurance coverage merchandise which are inexpensive and handy for all Africans.”
– Roy Perlot, CFO, Lami Applied sciences
Making insurance coverage merchandise accessible to Africans.
Bluewave, based in 2016 by Adelaide Odhiambo, continues to uphold its purpose of constructing cheap insurance coverage merchandise extra accessible to all Africans.
The corporate has invested in cutting-edge expertise for its on-line platform since its inception, permitting its purchasers to entry micro-insurance merchandise by way of quite a lot of channels, together with USSD, SMS, WEB Purposes, IVR, telemedicine, and cellular utility assist for medical companies, amongst others.
Bluewave, with a present enterprise progress of 65,000 insurance policies and potential progress of a whole bunch of 1000’s in 2022, operates throughout Kenya, Malawi, Tanzania, Uganda, Rwanda, Nigeria, Gambia, and the Democratic Republic of Congo (DRC).
With Bluewave’s acquisition, Lami is offered with the chance to increase its place in Africa by opening it to new areas the place Bluewave at present operates.
With multiple vital advantage of the union, Lami additionally will get the chance to increase past its present buyer phase and merchandise.
Bluewave Micro-insurance merchandise accessible embrace these from cellular community operators (Telecom Kenya), banks, microfinance establishments (MFIs), agriculture/crop insurance policies (enhancing meals safety), and mass-market digitally-driven items reaching 1000’s of customers by way of a streamlined enrolment process.
Bluewave reaches over 60,000 smallholder farmers in Malawi by way of their dynamic micro-insurance platform, which supplies them with entry to insurance policies, a profit Lami additionally stands to take pleasure in.
Boosting capabilities for companions and purchasers
In line with Lami, it’ll incorporate and repurpose Bluewaves expertise into its core expertise platform, boosting its B2B2C capabilities for companions and purchasers whereas including options like USSD, WhatsApp bots, and claims dashboards.
“At Lami, our goal is to ensure that Africans from all walks of life have entry to low cost insurance coverage options that enable them to attain monetary stability,” acknowledged Jihan Abass, Founder and CEO of Lami Applied sciences.
That’s the reason we’re making this funding to proceed to help Bluewave’s purchasers and attain out to new companions all through the continent, permitting us to ship insurance coverage to extra people. We’re actually delighted to collaborate with Adelaide Odhiambo to make use of expertise and creativity to remodel insurance coverage choices,’ he added.
Sharing comparable sentiments, Adelaide Odhiambo, Founder and CEO of Bluewave Insurance coverage Company, believes that the acquisition will allow each firms to resolve lingering issues that the continent wants.
“Africa has an ever-growing want for insurance coverage options to assist scale back the large affect the chance of the dearth of protection creates by sinking its folks into enormous monetary burdens. By becoming a member of forces with Lami, we sit up for transferring quicker in software program growth, advertising, enlargement, and fast-track supply of essentially the most wanted insurance coverage options. Jihan is extremely gifted, sensible, and exudes confidence and charisma qualities which are glorious for sturdy management, I’m certainly so excited to be becoming a member of forces with the group to resolve an issue our continent so desperately requires.”
Adelaide Odhiambo, Founder, and CEO, Bluewave Insurance coverage Company
Whereas Bluewave will proceed to personal its entity, the acquisition will see Lami takeover the Bluewave group and industrial partnerships to proceed operations.
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