Kenya’s Lami Technologies has raised USD 1.8 million in a seed funding round on 05th May 2021. The funding round was led by Accion Ventures Lab with participation from P1 Ventures, Acuity Ventures, AAIC, Future Africa, Consonance, and The Continent Venture Partners.
This insurtech startup announced that the funds raised would be used to improve the digital platform of the firm, whose main objective will be to aid and help low-income populations. The company is also looking forward to extending its reach in different parts of Africa.
Words from the investor :
“Ninety-seven per cent of Africans lack access to insurance – a financial safety net that can help them build resilience against economic shocks. Lami helps address this need for consumers across Africa through its innovative approach that leverages technology and partnerships to help any business develop and sell insurance.” – Michael Schlein, CEO, Accion Venture.
About the company-
Lami Technologies was founded and established in Nigeria by Jihan Abass in 2018. The company aims at standardising insurance services and products for citizens having low income in the country.
This female-led startup enables partnership with businesses like banks, tech companies and banks to effortlessly provide digital insurance products to their customers through its API.
The API aids users to have quotations for medical, motor and other range of insurance products. It leverages automation, cloud computing, asset verification and valuation. Lami Technologies is now able to offer an extensive ecosystem to businesses and their partners.
The users of this platform can tailor the benefits and offers of the insurance plan according to their needs. Lami asserts to pay out claims in a track record and distributes the documentation regarding the policy instantly.
According to Lami Technologies, they have sold over 5000 policies with over 25 active patrons such as Madison Insurance, Britam and pioneer.
Words from the CEO :
“This funding will allow us to invest in hiring more people, improving our technology, and growing our presence across Africa as we can continue to address the persistent insurance gap. At Lami, our vision is to help improve the financial resilience of millions by making insurance products more accessible and affordable for underserved populations. By enabling our business partners to offer customized insurance solutions, we are helping them provide more value to their customers while enabling large volumes of users to access insurance, often for the first time.” – Jihan Abass, CEO, Lami Technologies
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