Below is our recent interview with Jihan Abbas, CEO & Founder of Lami Technologies:
Q: What is Lami? For those who have never heard of it, tell us something more?
A: Lami Technologies is an insurance technology company founded in 2018 to break the 3% insurance penetration barrier in Africa. Our headquarter is in Nairobi, Kenya and the team is across six countries in Africa and Europe.
We are the market leader in the digital insurance space, with our platform powering a comprehensive suite of very successful consumer applications. We deliver everything our partners need to build and distribute their products, creating immediate gains that strengthen market position and customer value. We continually invest in design and technology, creating unmatched product experiences.
The Lami platform simplifies a long and complex insurance purchase to a few clicks and automates various parts of the process such as KYC, asset verification, certificate issuance, among others. We transform insurance policies and allow customers to tailor coverages to their needs and get flexible terms and better payments plans.
Lami is solving these problems by using innovative solutions and technology. Lami’s digital insurance platform leverages cloud computing, automation, and third-party service providers to offer an ecosystem for channel partners to access, distribute and manage highly streamlined and competitive insurance products.
Q: Can you describe a typical use case or customer scenario for your solution?
A: Lami has several use cases where we create value for customers in different sectors. One of our use cases is what we have done with a health-tech startup in Nairobi. They provide healthcare devices on credit to clinics. For them, they have an insurance need as a business, and wanted a way to effectively manage their insurance operations. For instance, be able to add more devices to their scheme, file & track claims on the fly, or get quotations for additional devices. This is accomplished through the Lami platform. The main concern for this partner was the long and manual process associated with insurance given the significant number of devices in their inventory. Our platform allows them to streamline that process.
Q: What kind of company would be an ideal use of your platform?
A: An ideal company is a digital platform that wants to further monetize its customer base by selling insurance or maybe digital-ready companies that sell goods & services where insurance is complementary. For instance, we’ve partnered with a digital HR & Payroll management platform currently having over 300k end-users. They needed a way to sell corporate medical insurance products through their platform that would allow them to easily generate a quotation as well as onboard employees into the policy. In this case, we integrate directly using our API to allow their end-users to generate quotes and cover their employees seamlessly. They did not want to provide medical insurance in the traditional way. Instead, Lami avails insurance products that can be quoted in real-time through our API & end users can be on-boarded instantly once they agree to terms. One of the key features was that it was payable in instalments.
Q: You’ve recently raised $1.8 Million in Seed funding; can you tell us something more?
A: The funding speaks more of our impact in the insurance sector in Africa and validates our vision to disrupt the insurance space in Africa; this symbolises a great beginning towards achieving our goals of breaking the insurance penetration barrier of 3%. We have made tremendous steps towards developing our core Lami platform enabling partners and companies to sell insurance anywhere using the Lami API. We have also invested in people and organisation; by growing our team, we shall conduct our operations in multiple locations and increase our growth prospects. In addition, we aim to develop through investing in expansion and growing our partners, underwriters and business in the ecosystem to gives us the ability to address the insurance gap.
Q: What is a great thing about your company that people might not know about?
A: Our priorities in Lami is to build a lean organisation by hiring more talents and growing a diverse and dedicated team— investing in technology and continuing the development of our platform, and growing our presence across Africa, specifically in East and West African region.
At Lami, our vision is to help improve the financial resilience of millions by making insurance products more accessible and affordable for underserved populations. We are aiming at increasing our impact and enabling more customer to access affordable and flexible insurance product through our various channel partners.