Kenya’s Lami Technologies raises US$1.8m to bolster insuretech adoption
Insuretech company Lami Technologies has raised US$1.8 million to spur the growth of its digital insurance product to traditional insurance companies in Kenya.
Lami offers its API to insurance companies who then can tailor their products to their customers using the digital platform.
“Through its API, users can get a quotation for motor, medical, or other tailored insurance products in seconds, then customise the benefits and adjust the premium to suit their needs, get their policy documents instantly, and claims are paid in record time,” the company said.
Jihan Abass, CEO, Lami, said: “By enabling our business partners to offer customised insurance solutions, we are helping them provide more value to their customers, while enabling large volumes of users to access insurance, often for the first time.”
Abass added that the round, led by Accion Venture Lab, will enable Lami Technologies to improve the financial resilience of millions by making insurance products more accessible and affordable for underserved populations.
Industry insiders claim there is only a 3% penetration rate linked to the adoption of insurance products in Africa and service providers believe digital solutions will make a significant difference.
Research shows that more companies are looking to digitise their operations and adopt technology like AI to enhance customer experience.
A recent Deloitte report, Insurance Outlook Report 2020/21 East Africa, indicates that the future for the sector is embedded in technology implementation.
“In the East African region, we have seen some companies adopting AI in managing their claims and underwriting processes,” the report said. “For example, regional underwriter Kenindia Assurance has invested heavily in incorporating AI into its operations to detect fraud. The insurer also uses AI to fast-track claims resolutions using anomaly detection, sentiment detection, text analytics and a self-service portal.”
It also highlighted Kenya’s Jubilee Insurance in its leverage of AI capabilities through their Digital Virtual Assistant named Julie. Clients who interact with the company’s Facebook page and website, receive real-time services that include the end-to-end purchase of insurance products without any human intervention.