Lami Technologies, an end-to-end digital insurance platform, partnered with Lipa Later so that customers in all of the company’s current markets—Kenya, Uganda, Rwanda, Tanzania, and Nigeria—will be able to add all-risk insurance coverage to the products they have bought from the company.
The company is a few months away from getting US$3.7 million in early funding, which is sufficient for the company to offer technological solutions that will digitise agents and brokers and assist them in streamlining their operations so that they can reach a wide consumer base.
Lipa Later is a BNPL company that is reliable and does business in Kenya, Rwanda, Uganda, and Nigeria. The only goal of the company is to help people find ways to get more money so they can buy more things.
The Kenyan company has now integrated credit insurance into all the products purchased through its platform. This makes the company one of the most popular alternative payment options for customers in Africa. They can now reach this goal because they just made a deal with Lami Technologies to work together.
In a news release from Thursday, Lami said, “Consumers will be automatically protected during the instalment period for costs related to any loss or damage caused by accident.”
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The goals of Lipa Later and Lami Technologies’ partnership
1. To make it easy and painless for our customers to buy insurance as we work to improve our digital services and grow in the BNPL market.
2. The clients who shop with us will have access to insurance services at prices that are reasonable for the products they buy from us.
3. There’s a good chance that more people will be able to get insurance if we move away from the traditional way of buying insurance, which is expensive, and toward a way that is quick, easy, and affordable.
During the press release, Waithera Thingruri, Head of Business Growth for Lami Technologies, was present and made the following comment: “Lami Technologies has been at the forefront of the transition toward affordable and reliable insurance in Africa.” By expanding our services to people of varying backgrounds, it is our mission to make the region a better place for everyone to live and thrive. We are enhancing the use of insurance to increase customer acquisition and retention by partnering with Lipa Later to insure products that are purchased through its platform automatically. In doing so, we are not only promoting inclusion in the insurance industry but also enhancing the use of insurance to do so. When doing this, we connect businesses to a greater selection of insurance products that provide value to the businesses and establish trust and loyalty among customers. We are looking forward to expanding our partnership with our existing partners so that we may continue to create relevant solutions that give individuals and companies access to insurance products that are both easy to use and cost-effective.
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Observations
In 2018, Lami Technologies was established to combat the issue of low insurance penetration rates across Africa. Africa is one of the areas in the world with the lowest rate of insurance coverage while having 17% of the world’s population.