Lami Technologies, a Nairobi-based insuretech startup has raised $1.8 million seed funding round led by Accion Ventures Lab with participation from AAIC, Consonance, P1 Ventures, Acuity Ventures, The Continent Venture Partners, and Future Africa.
Founded by Jihan Abass in 2018, Lami’s digital insurance platform enables partner businesses- including banks, tech companies, and other entities to easily and seamlessly offer digital insurance products to their users via its API.
Jihan Abass, CEO, Lami, said: “This funding will allow us to invest in hiring more people, improving our technology, and growing our presence across Africa as we can continue to address the persistent insurance gap. At Lami, our vision is to help improve the financial resilience of millions by making insurance products more accessible and affordable for underserved populations. By enabling our business partners to offer customized insurance solutions, we are helping them provide more value to their customers while enabling large volumes of users to access insurance, often for the first time.”
According to Lami, the startup has sold more than 5,000 policies and has partnered with more than 25 active underwriter, including Britam, Pioneer, and Madison Insurance, distributing more than 30 products available including medical, motor, employee benefits, and device insurance.
Michael Schlein, President and CEO, Accion Venture Lab, said: “Ninety-seven percent of Africans lack access to insurance — a financial safety net that can help them build resilience against economic shocks. Lami helps address this need for consumers across Africa through its innovative approach that leverages technology and partnerships to help any business develop and sell insurance.”
“At Accion Venture Lab, we’re excited by how Lami is using technology to create a pathway for customers to purchase insurance that is specific to their needs. By embedding customized insurance within businesses that customers know and trust, Lami is making insurance accessible for underserved populations in Africa and enabling them to build financial resilience. “said Ashley Lewis, Africa Director, Accion Venture Lab
Lami’s new funding 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.