Kenya-based B2B and B2B2C insurance-as-a-service platform and API provider Lami has raised US$1.8 million in seed funding to enhance the capabilities of its offering and expand across Africa.
Founded by Jihan Abass in 2018, Lami is a digital insurance platform that enables partner businesses – including banks, tech companies, and other entities – to easily and seamlessly offer digital insurance products to their users via its API.
The startup, which earlier this year was chosen by Catalyst Fund as part of the eighth cohort of its inclusive fintech accelerator, can also be used by partner businesses to manage their own insurance needs, and connects partner organisations, such as e-commerce platform Jumia, with underwriters and allows them to offer a superior customer journey.
Through its API, users can get a quotation for motor, medical, or other tailored insurance products in seconds, then customise the benefits and adjust the premium to suit their needs, get their policy documents instantly, and claims are paid in record time.
Lami has now secured US$1.8 million in seed funding, in a round led by Accion Venture Lab with participation from AAIC, Consonance, P1 Ventures, Acuity Ventures, The Continent Venture Partners, and Future Africa. The investment will be used to enhance the capabilities of its digital insurance platform, to better support low-income populations, and expand the company’s presence in Africa
“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,” Abass said.
“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.”
Since its inception, the insurtech startup has sold more than 5,000 policies and has partnered with more than 25 active underwriters, including Britam, Pioneer, and Madison Insurance, distributing more than 30 products available including medical, motor, employee benefits, and device insurance. Lami aims to continue diversifying its business by looking for new partners and building on its core technology.
“At Accion Venture Lab, we’re excited by how Lami is using technology to create a pathway for customers to purchase insurance that is specific to their needs. By embedding customised insurance within businesses that customers know and trust, Lami is making insurance accessible for underserved populations in Africa and enabling them to build financial resilience,” said Ashley Lewis, Africa director at Accion Venture Lab.