Kenya-based Insurance technology startup; Lami raised the sum of $1.8million in a recent seed funding round. Lami provides low-income earners with insurance products and services so they too can get to enjoy insurance at low costs. The recent funding round was led by Accion Venture Lab.
Lami started up in 2018 after it was founded by Abass Jihan. It is basically an online insurance platform and serves as an enabler that allows its partner businesses like tech companies, local banks, etc., to be able to use the platform to offer digital insurance products to their customers/clients.
The platform is not only for individuals. In fact, it is geared at providing insurance products and services for individuals and (partner) businesses. Businesses can also use the platform to manage their insurance needs. The platform is easy to operate and has products and services that are designed to meet the unique and specific needs of different individuals and firms. The platform enables users to fit the benefits and adjust the premium to suit exactly what they have in mind. Policy documents are issued immediately without any hassle and in the event of an incidence occurring, claims are paid in real-time after they have been checked out.
“Similar to a payment API/gateway, we process insurance KYC, pricing of products, underwriting of products and claim processing in real time. Let me give you an example, Jumia wanted to launch an insurance marketplace but they did not want to go through the hassle of integrating with every single insurance company and they didn’t want to manage the process of issuing policies. Using our API because we have 20 insurance companies on our platform, they were able to launch an online marketplace with a large number of products”, Abas Jihan explained how Lami works while answering questions during an interview session.
Africa has poor penetration when it comes to insurance. Many people either do not understand it or do not want to be associated with it as they would rather continue with the obnoxious belief that ‘nothing can happen’ to them. Digitalization has brought changes in the way things are done, and the pandemic has pushed the world towards full digitalization. With the world shifting towards digitalization in every aspect of human endeavor, startups like Lami are some of the things that are needed. They are easy to access and have so many benefits. With Lami, the future of insurance is today!