Lami aims to continue its mission of democratizing insurance products and services for low-income Africans by offering them with accessible and affordable plans that cover those at the bottom of the pyramid with this purchase. Bluewave was founded in 2016 by Adelaide Odhiambo with the purpose of making affordable insurance products more accessible to all Africans. Adelaide, the CEO of Bluewave, will join the Lami team as Director of Commercial Partnerships as a result of this acquisition. Adelaide’s experience in the business will be valuable to Lami’s growth, as she is well-versed in the processes that aid in the distribution of insurance to consumers via technology and partnerships. Lami’s acquisition of Bluewave will help grow its presence across Africa by entering new markets where Bluewave is already operating with an expected business growth of 65,000 current policies and potential growth of hundreds of thousands expected in 2022 across Kenya, Malawi, Tanzania, Uganda, Rwanda, Nigeria, Gambia and the Democratic Republic of Congo (DRC). The acquisition will also grow Lami’s customer segment/products, for example: in Malawi, Bluewave reaches more than 60,000 smallholder farmers by providing them with access to policies through their dynamic micro-insurance platform. The platform includes a variety of micro-insurance products including Mobile Network Operators (Telecom Kenya), banks, MFI’s, agriculture/crop policies (increasing food security), and mass-market digitally-driven products reaching thousands of customers through a seamless enrolment process. Bluewave 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 medical business, among others. Lami will integrate and repurpose Bluewaves technology into its core technology platform, enhancing its B2B2C capabilities for partners and customers and adding features like USSD, WhatsApp bots, and claims dashboards. Jihan Abass, Founder and CEO, Lami Technologies, said, “At Lami, our mission is to ensure Africans from all walks of life have access to affordable insurance products that allow them to build financial security. That is why we are making this investment to continue to support Bluewave’s customers and reach more partners across the continent and in-turn enabling us to provide more people with the policies they require. We are very excited to work with Adelaide Odhiambo to revolutionize insurance products through technology and innovation.” “Africa has an ever-growing need for insurance solutions to help reduce the huge impact on the risk of the lack 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. Roy Perlot, CFO, Lami Technologies, said, “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.” Despite the acquisition, Bluewave will retain ownership of its company. Lami will take over the Bluewave team and commercial partnerships to continue operations as a result of the acquisition.
