Nine (9) months after raising $1.8 million in seed funding, Lami has acquired Bluewave Insurance Agency. This acquisition will open the doors to 7 African markets, including the DRC, where Bluewave offers its insurance services.

Kenyan insurtech, Lami Technologies, announced the acquisition of competitor Bluewave Insurance Agency for an undisclosed amount. “I am very enthusiastic about this acquisition and believe it will bring exponential growth for both companies. With increased resources, enhanced technology and innovation, expertise, and market expansion, this acquisition will help us create a more competitive environment for insurtech in Africa as we continue to work on providing insurance products that are affordable and convenient for all Africans,” said Roy Perlot, CFO, Lami Technologies.

The announcement comes 9 months after Lami Technologies raised $1.8 million in seed funding. This new acquisition “aims to drive rapid growth for Lami and expand its presence to new African markets 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 company said.

The deal will also expand Lami's customer/product segment in Malawi where Bluewave reaches more than 60,000 smallholder farmers with access to policies. Between 2018, when it was founded, and May 2021, Lami says it sold more than 5,000 policies and partnered with more than 25 active underwriters, including Britam, Pioneer, and Madison Insurance.

In a note published in May 2021, the company estimated that the African insurance market, which stands at a 3% penetration rate, South Africa excluded, faces challenges in modernization and innovation. These challenges include traditional policy administration, lack of knowledge of insurance products, inflexible offerings.

Chamberline Moko