Lami Technologies builds an end-to-end digital insurance platform and a product-agnostic API that lets banks, e-commerce and logistics firms embed and distribute tailored insurance products. The company entered the market in January 2020 with a consumer-facing product (Griffin) before pivoting to its B2B2C API platform. Its API is integrated with more than 15 entities across logistics, e-commerce, banking and fintech and it works with 25 underwriting partners; notable clients include Lipa Later, Sendy, Kwara, Jumia, MarketForce and Stanbic Bank Insurance. Lami is pursuing digitization of agents and brokers, expanding product lines, and has expanded into Egypt and Nigeria while entering Malawi and the DRC through the acquisition of Bluewave. Operational metrics show policy volume grew to 85,000 from 70,000 at the end of 2021, and premiums underwritten quadrupled to $800,000 last year with a projection to exceed $2 million this year. The company says it will use funding to hire, fast-track expansion and drive underwriter partnerships; it also appointed longtime CFO Roy Perlot as a co-founder. Lami Technologies offers an API-driven B2B2C platform that lets banks, startups and other businesses embed, customize and distribute insurance products to end users. The company co-designs products with underwriting partners and runs an insurance marketplace, integrating with partners such as Stanbic Bank, HR platform WorkPay and e-commerce platform Jumia. Lami supports more than 25 active underwriters (including Britam, Pioneer and Madison Insurance) and distributes over 30 product types across motor, medical, employee benefits and device insurance. Since founding in 2018, the startup has sold more than 5,000 policies and reduced claims processing timelines from roughly 90 days to about a week. Lami’s product lets partners quote, customize benefits, adjust premiums, issue policy documents and access claims via the API. The company plans to use its new funding to hire, improve its technology and expand its presence across Africa.

Total raised

$6M

Funding rounds

2

Latest round

Seed

Latest activity

Aug 2022