Lami is an insurance technology company with a vision to democratize financial products and services, helping improve the lives of millions. Bluewave is a Kenyan-based insurtech startup that uses mobile technology to support underserved communities.
Lami obtained Bluewave to increase its presence in new African markets with an anticipated business growth of 65,000 current policies. The company expects to attain more partners throughout the continent and allow more people to receive the policies they need.
Lami aims to regularize insurance services for low-income Africans by providing them access to affordable policies. The company expects to impact thousands across Kenya, Malawi, Tanzania, Uganda, Rwanda, Nigeria, Gambia, and DRC.
Lami’s customer segment/products will increase through Bluewave’s customers. Bluewave provides over 60,000 smallholder farmers access to policies using its dynamic micro-insurance platform in Malawi. The platform includes several micro-insurance products such as Mobile Network Operators (Telecom Kenya), banks, MFI’s, agriculture/crop policies, and mass-market products to reach thousands of customers with an easy enrolment process.
Lami’s mission is to ensure all Africans access affordable insurance products enabling them to build financial security. Lami will control the Bluewave team and commercial partnerships; however, Bluewave will still own its entity.