Kenyan insurtech startup Lami Technologies, one of the fastest-growing brands in the country has acquired Bluewave Insurance Agency for an undisclosed amount. The acquisition comes as the former seeks to make insurance covers accessible to more Africans. As part of the deal, Bluwave’s founder Adelaide Odhiambo will be joining Lami as its Head of Commercial Partnerships. The deal will also see Lami integrate Bluewave’s technology into its core platform to enhance its B2B2C capabilities.
Founded by Adelaide Odhiambo in 2016, Bluewave’s online platform allows people to gain access to micro-insurance products through multiple channels that include SMS, USSD, WhatsApp chatbots and web applications.
The deal between Lami and Bluewave is a strategic one as it will open new markets for the former in markets where the latter already has operations. Bluewave already has in the Democratic Republic of Congo (DRC) and Malawi, and the deal falls in line with Lami’s plan to expand to more African territories. In Malawi alone, Bluewave has about 60,000 people on its database.
Speaking on the acquisition, Lami’s CEO Jihan Abass said that “One of the things that really made us excited about this opportunity was the fact that we are working towards a very common vision of democratizing access to insurance. Our visions were very much aligned. The Bluewave team had created modules (like USSD-based micro-insurance products), which we felt could particularly enhance our B2B2C offerings. They’ve done quite a lot of work around claims modules for microinsurance products. All these different things can be integrated into the core Lami platform. We can also continue to build on top of it, and also use parts of our technology to enhance offerings, like our advanced pricing modules, to make that experience much better”.
Lami which is also operational in Uganda and Tanzania through partnerships is also looking to launch into Nigerians and a handful of other countries in North Africa.
“We’re looking at additional markets this year. That’s our core focus and why this acquisition was super-exciting; it gives us the upper hand as we continue to expand”, Lami’s CEO added.