Browsing: accessible insurance products

Lami Technologies,US$3.7m seed round to expand its insurance product offerings
  • The US$3.7m extension brings the total raised by the insurtech to the US$5.5m; It follows a US$1.8 million round led by seed-stage investment firm Accion Venture Lab last year
  • According to CEO Jihan Abass, the increased cash would be utilised for business development, product and technology growth, and expansion into new nations like Egypt, Nigeria, and Uganda
  • The firm intends to offer tech solutions to digitise agents and brokers, assisting them in streamlining their operations to reach a large customer base and sell online

Lami Technologies, a Kenyan-based firm, has acquired US$3.7 million in seed funding to market its insurtech solution throughout Africa.

Harlem Capital, an early-stage venture business that invests in seed-stage tech-enabled start-ups with an emphasis on minority and female founders, was in charge of the extension.

Early-stage venture capital firm Newtown Partners; Peter Bruce-Clark, a partner at New York’s research-driven venture capital firm Social Impact Capital; Caribou …

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However, economic growth and the rapid expansion of digital and mobile services are set to change this. 

With the African middle class growing across many African nations, the target market for insurance products is growing.

The report highlighted that there has been a significant rise in demand for digital solutions, as smartphone and affordable internet penetration deepens across the continent, providing opportunities for InsureTechs to step in and offer innovative products.…