In recent years, Kenya has witnessed a remarkable surge in technological innovation and one standout startup that has emerged is Lami Technologies. Founded in 2018 by Jihan Abass, Lami Technologies is revolutionizing the insurance landscape in Kenya. By leveraging cutting-edge technology, Lami is making insurance more accessible, affordable, and user-friendly for individuals and businesses across the country.
The insuretech startup hopes to become the premier company powering insurance adoption across Africa by 2030.
Let’s delve into the inspiring journey of Lami Technologies and explore how they are reshaping the insurance industry.
The Founding Story
Lami Technologies was born out of the desire to address the glaring gaps in the insurance sector in Kenya. Jihan Abass, a technology enthusiast and former investment banker, recognized that insurance penetration was significantly low, primarily due to challenges such as complex processes, lack of transparency, and limited product customization. Inspired by the potential of digital solutions, Abass set out to create a platform that would simplify insurance and make it accessible to all.
Lami Technologies’ flagship product is an innovative digital insurance platform that enables individuals and businesses to purchase insurance policies quickly and conveniently. By partnering with leading insurance providers, Lami brings a wide range of insurance products to its platform, including motor, health, property, and travel insurance, among others. Through its user-friendly interface, customers can compare different insurance options, customize policies to their specific needs, and complete the purchase process seamlessly.
Expansion
Since its inception, Lami Technologies has experienced remarkable growth and expansion. The startup has secured partnerships with major insurance companies and expanded its operations to serve customers across Kenya. For example, Lami collaborates with Sendy, a Kenyan startup that builds fulfillment infrastructure for eCommerce and consumer brands, to provide per-trip transit insurance to freight carriers in Kenya, Uganda, and Tanzania.
It also partners with Kwara, a Kenyan fintech startup, to make insurance products available to members of the Savings and Credit Co-Operative Society (SACCO).
Some customers like Stanbic Bank in Kenya use Lami’s API to run insurance operations; the HR platform WorkPay makes insurance products available to businesses using its platform.
Funding
In 2022, Lami Technologies raised a $3.7 million seed round extension to expand its insurance product offerings. Harlem Capital led the funding round. Participants included Newtown Partners, Peter Bruce-Clark, Caribou Honig, and Jay Weintraub. In 2021, they raised a $1.5m seed round.
The Future of Lami Technologies
Looking ahead, Lami Technologies has ambitious plans to scale its operations and expand into other African markets. The startup has already made an entry into Egypt and Nigeria. With its successful track record in Kenya, the startup is well-positioned to revolutionize insurance across the continent.
