This archive report was first published on 5 May 2021.
On May 5, 2021, Lami Technologies, a Kenyan insurance technology company, announced that it had secured $1.8 million in seed funding to accelerate the growth of digital insurance in Africa.
The funding round was led by Accion Venture Lab, a seed-stage investment initiative that provides capital and extensive support to innovative fintech startups.
Founded in 2018 by Jihan Abass, Lami is a digital insurance platform that enables partner businesses to easily offer digital insurance products to their users via its API.
Through its API, users can get a quotation for motor, medical, or other tailored insurance products in seconds, customize the benefits and adjust the premium to suit their needs, and receive their policy documents instantly.
Lami's services are enabled by its flexible insurance rating engine and direct integration with several parties and insurance companies.
According to Jihan Abass, CEO of Lami, the funding will allow the company to invest in hiring more people, improving its technology, and growing its presence across Africa.
