Lami’s acquisition of Bluewave will help grow its presence across Africa by entering new markets where Bluewave is already operating with an expected business growth of 65,000 current policies and potential growth of hundreds of thousands expected in 2022 across Kenya, Malawi, Tanzania, Uganda, Rwanda, Nigeria, Gambia and the Democratic Republic of Congo (DRC).
The acquisition will also grow Lami’s customer segment/products, for example: in Malawi, Bluewave reaches more than 60,000 smallholder farmers by providing them with access to policies through their dynamic micro-insurance platform.
The platform includes a variety of micro-insurance products including Mobile Network Operators (Telkom Kenya), banks, MFI’s, agriculture/crop policies (increasing food security), and mass-market digitally driven products reaching thousands of customers through a seamless enrolment process.
Founded in 2016 by Adelaide Odhiambo, Bluewave’s goal is to make it easier for all Africans to access affordable insurance products. This acquisition will see Adelaide, CEO of Bluewave, join the Lami team as Director of Commercial Partnerships.
Since its inception, Bluewave has invested in building cutting-edge technology for its online platform that enables its clients to access micro-insurance products through diverse channels such as USSD, SMS, WEB Applications, IVR, telemedicine, mobile application support medical business among others.
Lami will integrate and repurpose Bluewaves technology into its core technology platform enhancing its B2B2C capabilities for partners and customers while introducing features such as USSD, WhatsApp bots, and claims dashboards.
“At Lami, our mission is to ensure Africans from all walks of life have access to affordable insurance products that allow them to build financial security,” Jihan Abass, Founder and CEO, Lami Technologies, said.
“That is why we are making this investment to continue to support Bluewave’s customers and reach more partners across the continent and in-turn enabling us to provide more people with the policies they require.
According to Adelaide Odhiambo, Founder, and CEO, Bluewave Insurance Agency Africa has an ever-growing need for insurance solutions to help reduce the huge impact on the risk of the lack coverage creates by sinking its people into huge financial burdens.
“Jihan is incredibly talented, brilliant, and exudes confidence and charisma qualities that are excellent for strong leadership, I am indeed so excited to be joining forces with the team to solve a problem our continent so desperately requires.”