Kenyan insurtech startup Lami Technologies has acquired Bluewave Insurance Agency, another Kenyan-based insurtech startup for an undisclosed amount.
Bluewave leverages mobile technology to reach the underserved population tapping into Africa’s insurance gap.
Founded in 2016 by Adelaide Odhiambo, Bluewave’s goal is to make it easier for all Africans to access affordable insurance products. This acquisition will see Adelaide, CEO of Bluewave, join the Lami team as Director of Commercial Partnerships.
Lami’s acquisition of Bluewave will help grow its presence across Africa by entering new markets where Bluewave is already operating with an expected business growth of 65,000 current policies and potential growth of hundreds of thousands expected in 2022 across Kenya, Malawi, Tanzania, Uganda, Rwanda, Nigeria, Gambia and the Democratic Republic of Congo (DRC). The acquisition will also grow Lami’s customer segment/products, for example: in Malawi, Bluewave reaches more than 60,000 smallholder farmers by providing them with access to policies through their dynamic micro-insurance platform. The platform includes a variety of micro-insurance products including Mobile Network Operators (Telkom Kenya), banks, MFI’s, agriculture/crop policies (increasing food security), and mass-market digitally-driven products reaching thousands of customers through a seamless enrolment process.
Since its inception, Bluewave has invested in building cutting-edge technology for its online platform that enables its clients to access micro-insurance products through diverse channels such as USSD, SMS, WEB Applications, IVR, telemedicine, mobile application support medical business among others. Lami will integrate and repurpose Bluewaves technology into its core technology platform enhancing its B2B2C capabilities for partners and customers while introducing features such as USSD, WhatsApp bots, and claims dashboards.
“At Lami, our mission is to ensure Africans from all walks of life have access to affordable insurance products that allow them to build financial security. That is why we are making this investment to continue to support Bluewave’s customers and reach more partners across the continent and in-turn enabling us to provide more people with the policies they require. We are very excited to work with Adelaide Odhiambo to revolutionize insurance products through technology and innovation.” Jihan Abass, Founder and CEO, Lami Technologies, said.
According to Adelaide Odhiambo, Founder, and CEO, Bluewave Insurance Agency Africa has an ever-growing need for insurance solutions to help reduce the huge impact on the risk of the lack 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.” he said.
Bluewave will continue to own its entity despite the acquisition. Through the acquisition, Lami will take over the Bluewave team and commercial partnerships to continue operations.
“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, said.
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