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.
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, customise the benefits, adjust the premium to suit their needs, get their policy documents instantly, and pay claims 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
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.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.