Lami, tech insurance company acquires Kenya’s Bluewave, to expand in Africa
Lami, an insurance technology company, has announced the acquisition of Bluewave Insurance Agency, a Nairobi-based insurtech firm, for an undisclosed sum, allowing it to reach Africa’s underserved population and fill the existing insurance gap.
Lami will continue its goal of democratizing insurance goods and services for low-income Africans by providing users with accessible and affordable plans that include those at the bottom of the pyramid.
Adelaide Odhiambo, the CEO of Bluewave, will join the Lami team as Director of Commercial Partnerships as part of the acquisition agreement.
Adelaide’s business knowledge will be invaluable to Lami’s growth. Adelaide is an expert in the procedures that aid in the distribution of insurance to customers through technology and partnerships.
In response to the acquisition, Roy Perlot, CFO of Lami Technologies, stated that it was a necessary step in achieving long-term growth for both companies.
“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.”
– Roy Perlot, CFO, Lami Technologies
Providing insurance products to Africans.
Bluewave, founded in 2016 by Adelaide Odhiambo, remains committed to making affordable insurance products more accessible to all Africans.
Since its inception, the company has invested in cutting-edge technology for its online platform, allowing its clients to access micro-insurance products through a variety of channels such as USSD, SMS, WEB Applications, IVR, telemedicine, and mobile application support for medical businesses, among others.
Bluewave operates in Kenya, Malawi, Tanzania, Uganda, Rwanda, Nigeria, Gambia, and the Democratic Republic of the Congo, with a current business growth of 65,000 policies and a potential growth of hundreds of thousands in 2022. (DRC).
With the acquisition of Bluewave, Lami gains the opportunity to expand its position in Africa by expanding into new areas where Bluewave currently operates.
With more than one significant benefit of the union, Lami also gets the opportunity to expand beyond its current customer segment and products.
Bluewave Micro-insurance products include those from mobile network operators (Telecom Kenya), banks, microfinance institutions (MFIs), agriculture/crop policies (improving food security), and mass-market digitally-driven goods that reach thousands of users via a streamlined enrolment procedure.
Bluewave reaches over 60,000 smallholder farmers in Malawi via their dynamic micro-insurance platform, which gives them access to policies, which Lami will also benefit from.
Boosting capabilities for partners and clients
According to Lami, the company will incorporate and repurpose Bluewaves technology into its core technology platform, enhancing its B2B2C capabilities for partners and clients while also adding features such as USSD, WhatsApp bots, and claims dashboards.
“At Lami, our goal is to ensure that Africans from all walks of life have access to low-cost insurance solutions that allow them to achieve financial stability,” said Jihan Abass, Lami Technologies’ Founder and CEO.
That is why we are making this investment in order to continue assisting Bluewave’s clients and to reach out to new partners across the continent, allowing us to provide insurance to more people. ‘We’re thrilled to be working with Adelaide Odhiambo to transform insurance offerings through technology and creativity,’ he added.
Adelaide Odhiambo, Founder and CEO of Bluewave Insurance Agency, believes the acquisition will allow both companies to solve lingering problems that the continent requires.
“Africa has an ever-growing need for insurance solutions to help reduce the huge impact the risk of the lack of 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. 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.”
Adelaide Odhiambo, Founder, and CEO, Bluewave Insurance Agency
While Bluewave will continue to own its entity, the acquisition will see Lami takeover the Bluewave team and commercial partnerships to continue operations.
