Kenya-based B2B and B2B2C insurance-as-a-service platform and API Lami has digitised the entire insurance value chain end-to-end, and is busy expanding its customer base. The Lami platform and API handles things like KYC, pricing, underwriting and claims processing all in one place, and can be used to create, distribute and embed any type of insurance product at any point of sale. The startup launched its first product running on the Lami API, the Griffin motor insurance app, in January 2020, and has since begun offering its service to B2B partners to streamline their insurance operations and distribute new age products. Abass said uptake has been positive. Lami, which charges a fee on each processed insurance policy, is fixing issues around the distribution of insurance, which it believes was being done incorrectly in the past, as well as the lack of technological infrastructure to facilitate the simple and quick distribution of insurance products at scale. The startup’s main competitors are insurance-as-a-service platforms such as Inclusivity Solutions, which focuses on-micro insurance and mostly distributes via telcos, and Genasys and TurnKey Africa, which sell software rather than operate an as-a-service model. Abass believes Lami stands apart from its competitors, and it is now looking for funding to help it grow.
SOURCE: DISRUPT AFRICA