Nairobi-based InsurTech Lami Technologies secured $1.8m in a seed funding round led by Accion Venture Lab.
The round also saw participation from AAIC, Consonance, P1 Ventures, Acuity Ventures, The Continent Venture Partners and Future Africa.
Lami will use the new cash injection to further improve its digital insurance platform with the aim to support low-income populations. In addition, the funding will be used to expand the startup’s footprint in Africa.
Founded in 2018 by Jihan Abass, Lami aims to democratise insurance products and services for low-income Kenyans. It further enables partner businesses such as banks, tech companies and other businesses to offer digital insurance products to their users via its API.
The API enables users to access quotations for motor, medical and a range of tailored insurance products. Leveraging cloud computing, automation and third-party service providers such as emergency valuation, identity and asset verification databases, Lami offers a comprehensive suite of products for businesses to help them develop, distribute and customise insurance products to suit their users’ needs and budget.
Since its inception it has sold over 5000 policies and has partnered with over 25 active underwriters such as Britam, Pioneer and Madison Insurance, it said.
Commenting o the funding, 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.”
Sharing a similar sentiment Accion Venture Lab president and CEO Michael Schlein said the company pumped in money into the InsureTech startup due to its much needed and affordable offering. “97% 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,” he said.
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