Kenyan insurance technology company; Lami Technologies, has secured a seed round extension of 3.7 million United States Dollars (USD) which is around 440 million Kenyan Shillings for the expansion of its insurance product services, into other parts of Africa.
Leading the new round of seed funding was Harlem Capital. Other participants in the round of funding include Jay Weintraub, Caribou Honig, Peter Bruce-Clark, and Newtown Partners.
Lami makes it possible for businesses using its Application Programming Interface (API) to provide digital insurance products to their users. Partner businesses will also be able to manage their various insurance needs.
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Lami Technologies currently has a collaboration with Sendy; a company which creates fulfillment infrastructures for consumer brands and eCommerce brands, to now provide transit insurance per trip to freight carriers in Kenya, Tanzania, and Uganda.
It also has a partnership with a Kenyan financial technology (fintech) company; Kwara for the creation of insurance products for members of the Savings and Credit Co-Operative Society (SACCO).
Stanbic Bank Insurance is one of Lami’s customers. It uses its technology to propel its bancassurance products.
MarketForce and Jumia are also Lami Technologies customers.
Lami Technologies co-designs products with a number of its underwriting partners which are around twenty five (25) and make use of its Application Programming Interface (API) to further smoothen the distribution of insurance products through a Business to Business to Consumer (B2B2C) strategy.
Jihan Abass who is the Chief Executive Officer (CEO) of Lami Technologies made it known that the company is looking to innovate so as to gain more market share in the insurance sector in Africa.
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Lami Technologies also intends to serve the entire ecosystem of the insurance sector. It is looking to also provide assistance to already existing players in the sector to enable them become more efficient in the distribution of their products which will in turn make it possible for them to be integral in the growth and adoption of insurance products.
Lami Technologies will channel the funds towards new hires, the driving of underwriter partnerships, and the fast tracking of its expansion moves.
The Chief Executive Officer (CEO) of Lami Technologies; Jihan Abass made it known that the company has expanded into Nigeria and Egypt.
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