Technology and partnerships driving access to insurance in Kenya

There is a substantial area of growth for Africa’s Insurance market, valued at about $68 billion in terms of GWP and is the eighth largest globally.

According to The Policy Center for the New South (PCNS), Africa’s seven largest insurance markets are currently worth roughly $56 billion in premiums each year — 83% of the total value of Africa’s insurance sector. Life insurance accounts for approximately two-thirds of the total market value.

The insurance penetration rate in Kenya is at 2.17% as of 2020. However, the country’s insurance sector has recently embraced tech in its customer journey improvement. The urgency for change is notable; innovation, partnerships, rising population and the digital ecosystem shows an opportunity in the insurance sector. At Lami, we have simplified a long and complex insurance purchase to a few clicks and automated various parts of the process, such as KYC and asset verification, certificate issuance, among others, improving the customer journey

Lami strategically enables partners to digitise insurance and offer frictionless policies and claims experiences. Lami has formed partnerships with over 20 underwriters & banks to fast forward digital insurance transformation and collaborate with businesses leveraging a digital platform in different verticals to enable companies in the e-commerce, health, and logistics industry to unlock a superior insurance experience.

To increase the insurance penetration rate in Africa. We need to reinvent our thinking and consider operational reforms and partnerships to build access to insurance in Africa.

Lami partners with businesses to provide access to insurance products such as the Cashless Personal Accident cover for bus passengers, which is charged on a per-trip basis making it highly flexible for anyone to get the right insurance at the right time.

Another notable collaboration in the logistics industry with Sendy freight made it easy for transporters moving cargo across East Africa to access a per trip cover leveraging Lami’s insurance API. Partnership with e-commerce platforms such as Jumia has also enabled access to their volume of over 100,000 customers to increase insurance distribution in their network. Additionally, digital platforms such as Kwara will enable their Savings and Credit Co-operative Society (SACCO) members in Kenya to access affordable and transformational insurance products through their digital platform powered by Lami. SACCO members access insurance products ranging from health, general, life, business, and property coverage.

Businesses use the Lami Insurance API to simplify the distribution of insurance products as well as optimise their product portfolio. We are heading towards a digitised workflow which enables a lower distribution cost and improved operations through automation.

Follow us on Twitter @LamiInsurtech and join the discussion on the Lami World Blog.