Tech insurance company, Lami, acquires Kenya’s Bluewave, to expand presence in Africa

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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. 
Jihan Abass and Adelaide Odhiambo
Jihan Abass and Adelaide Odhiambo

Lami, an insurance technology firm, has announced acquiring Bluewave Insurance Agency, a Nairobi-based insurtech firm for an undisclosed sum of money, allowing it to reach Africa’s underserved population and fill up the existing insurance gap.

The move will see Lami continue its objective of democratizing insurance goods and services for low-income Africans by offering users accessible and affordable plans inclusive to those at the bottom of the pyramid. 

As part of the acquisition agreement, Adelaide Odhiambo, the CEO of Bluewave, will be joining the Lami team as Director of Commercial Partnerships. 

Adelaide’s expertise in the business will be invaluable to Lami’s growth. Adelaide is a professional well-versed in the procedures aiding the distribution of insurance to customers via technology and partnerships.

Speaking on the acquisition, Roy Perlot, CFO, Lami Technologies, reiterated that the acquisition was a necessary step to lead sustainable growth for both companies.

Jihan Abass and Adelaide Odhiambo
Jihan Abass and Adelaide Odhiambo

“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.”  

– Roy Perlot, CFO, Lami Technologies

Making insurance products accessible to Africans.

Bluewave, founded in 2016 by Adelaide Odhiambo, continues to uphold its goal of making inexpensive insurance products more accessible to all Africans.

The company has invested in cutting-edge technology for its online platform since its inception, allowing its clients to access micro-insurance products through a variety of channels, including USSD, SMS, WEB Applications, IVR, telemedicine, and mobile application support for medical businesses, among others.

Bluewave, with a current business growth of 65,000 policies and potential growth of hundreds of thousands in 2022, operates across Kenya, Malawi, Tanzania, Uganda, Rwanda, Nigeria, Gambia, and the Democratic Republic of Congo (DRC).

With Bluewave’s acquisition, Lami is presented with the opportunity to expand its position in Africa by opening it to new areas where Bluewave currently operates. 

With more than one significant benefit of the union, Lami also gets the opportunity to expand beyond its current customer segment and products. 

Tech insurance company, Lami, acquires Kenya's Bluewave, set to expand its presence and bridge Africa’s insurance gap.
Lami’s Team. Image credit: Techcrunch

Bluewave Micro-insurance products available include those from mobile network operators (Telecom Kenya), banks, microfinance institutions (MFIs), agriculture/crop policies (improving food security), and mass-market digitally-driven goods reaching thousands of users through a streamlined enrolment procedure.

Bluewave reaches over 60,000 smallholder farmers in Malawi through their dynamic micro-insurance platform, which provides them with access to policies, a benefit Lami also stands to enjoy.

Boosting capabilities for partners and clients

According to Lami, it will incorporate and repurpose Bluewaves technology into its core technology platform, boosting its B2B2C capabilities for partners and clients while adding features like USSD, WhatsApp bots, and claims dashboards.

“At Lami, our objective is to guarantee that Africans from all walks of life have access to cheap insurance solutions that allow them to achieve financial stability,” stated Jihan Abass, Founder and CEO of Lami Technologies. 

That is why we are making this investment to continue to assist Bluewave’s clients and reach out to new partners throughout the continent, allowing us to deliver insurance to more individuals. We’re really delighted to collaborate with Adelaide Odhiambo to use technology and creativity to transform insurance offerings,’ he added.

Sharing similar sentiments, Adelaide Odhiambo, Founder and CEO of Bluewave Insurance Agency, believes that the acquisition will enable both companies to solve lingering problems that the continent needs. 

“Africa has an ever-growing need for insurance solutions to help reduce the huge impact the risk of the lack of 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.”

Adelaide Odhiambo, Founder, and CEO, Bluewave Insurance Agency

While Bluewave will continue to own its entity, the acquisition will see Lami takeover the Bluewave team and commercial partnerships to continue operations. 


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