Kenyan entrepreneur Jihan Abass is making waves in East Africa’s insurance industry. With a finance background and an MBA from the University of Oxford, Jihan established Lami Technologies in 2018 to tackle Africa’s significant lack of insurance coverage.
Africa’s insurance market faces significant challenges. Only 3% of the population has access to insurance products, leaving millions vulnerable to financial shocks. Jihan’s experience as a sugar trader in London and her research revealed that traditional insurance providers must offer flexible, affordable, and tailored coverage.
The vision behind Lami Technologies: a solution to Africa’s insurance gap
This realisation spurred her determination to establish Lami Technologies, a digital insurance platform that utilizes technology and partnerships to offer innovative solutions. Lami’s platform enables businesses to create, distribute, and manage insurance products that meet customers’ needs. During a random conversation with a waiter in Mombasa who did not have medical coverage, Jihan became even more determined to address the insurance gap. With Lami, she aims to break the insurance penetration barrier in Africa, making insurance accessible and affordable for all.
Lami Technologies is a B2B2C Insurance-as-a-Service platform and API that makes insurance products and services accessible to low-income Kenyans. The platform’s API facilitates the distribution of digital insurance products, reaching thousands of individuals in Malawi, Tanzania, Rwanda, Gambia, and Congo. It has formed significant partnerships with companies such as Sendy and Kwara, which have allowed it to provide insurance products to more than 60,000 SACCO members. Since its establishment, the startup has sold over 5,000 policies and teamed up with 25 active underwriters to offer various products, including medical, motor, and employee benefits insurance.
Lami’s growth and the future of insurance in Africa
Jihan’s vision is attracting investors such as Accion Venture Lab, who applaud Lami’s innovative approach to providing insurance to underprivileged communities. Recently, the startup secured $1.8 million in seed funding, with Accion Venture Lab leading the investment. This funding will improve its digital insurance platform and extend its reach across Africa. Additionally, Lami secured a $3.7 million seed extension round led by Harlem Capital in New York, adding to its initial funding. These investments highlight the strong commitment to making financial services accessible and affordable for the underserved.
As a young woman in a male-dominated industry, Jihan Abass faces challenges but remains determined to make a difference. She believes that technology can reduce the cost of insurance and improve transparency. Therefore, Lami’s digital insurance ecosystem offers a platform for industry players to accelerate their digital transformation. By enabling businesses to provide tailored insurance solutions, it helps them deliver more value to their customers while allowing large numbers of users to access insurance, often for the first time.
The Founder, through her work at Lami, is using technology to revolutionize the insurance industry in Kenya. She is dedicated to providing accessible and affordable insurance solutions to individuals and businesses. Her passion for technology and commitment to financial inclusion have established her as a trailblazer in the insurance space.
Jihan Abass, one of the Top 20 Heroes and semi-finalists at the Africa Business Heroes (ABH) 2024 competition, has shown dedication to improving the lives of millions through insurance. Lami aims to dominate the digital insurance distribution space in Africa and other developing countries. Its long-term goals include revolutionizing the insurance industry, providing a safety net for millions, and empowering businesses to thrive.
