Lami, a Kenyan based insurance technology company, has acquired Bluewave Insurance Agency, an insurtech startup. With this acquisition, Lami aims to democratize insurance products and services for low-income Africans by providing them with access to convenient and affordable policies. Bluewave will continue to own its entity despite the acquisition. Through the acquisition, Lami will take over the Bluewave team and commercial partnerships to continue operations.
Bluewave was founded in 2016 by Adelaide Odhiambo. Its goal is to make it easier for all Africans to access affordable insurance products. This acquisition will see Adelaide join the Lami team as Director of Commercial Partnerships. Her experience in the industry will be of substantial value to Lami’s growth, as she has extensive knowledge of the processes that help distribute insurance to consumers through technology and partnerships.
Lami’s acquisition of Bluewave will help grow its presence across Africa by entering new markets where Bluewave is already operating. There is also 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 DRC.
Commenting on the acquisition, Jihan Abass, Founder and CEO Lami Technologies said, “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. 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. We are very excited to work with Adelaide Odhiambo to revolutionize insurance products through technology and innovation.”
On her part, Adelaide Odhiambo, Founder and CEO at Bluewave Insurance Agency said, “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. By joining forces with Lami, we look forward to moving faster in software development, marketing, expansion, and fast-track delivery of the most needed insurance solutions. 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.”