Kenyan insurtech startup Lami Technologies has acquired Bluewave Insurance Agency for an undisclosed amount as it seeks to make insurance covers accessible to more people across Africa. Since its launch in 2016, Bluewave has built an online platform that allows clients to access micro-insurance products through diverse channels, including USSD, SMS, WhatsApp chatbots and web applications. In the new arrangement, Lami will integrate Bluewave’s technology into its core platform, further enhancing its B2B2C capabilities. The deal has also opened new markets for Lami in Malawi and the Democratic Republic of Congo (DRC), where Bluewave already has operations. By having access to Malawi, for instance, Lami will tap thousands of smallholder farmers, including the 60,000 already on Bluewave’s database. The acquisition comes at a time when Lami is looking to enter Nigeria and several countries in North Africa. Outside Kenya, Lami is in other markets like Uganda and Tanzania through partnerships.
Lami co-designs products with its underwriting partners, extending unique insurance products to their customers, and through its technological infrastructure, facilitates the distribution of insurance products via a B2B2C approach. The startup’s API allows entities like banks to offer digital insurance products to their customers reaching the masses conveniently. Over the years, Lami has integrated its API with 12 entities in various sectors, including logistics, e-commerce, banking and fintech, extending different products to their users. Among the companies that Lami has existing partnerships with is Sendy, a digital logistics startup, and Kwara, a neobank for credit unions.