Lipa Later has announced a new partnership with Lami Technologies, an end-to-end digital insurance platform, that will see its customers across its current markets, Kenya, Uganda, Rwanda, Tanzania, and Nigeria have their purchased products covered with the all-risk insured.
This is few months to the company’ acquiring US$3.7 million in seed funding enough to offer tech solutions that will digitise agents and brokers, assisting them in streamlining their operations to reach a large customer base.
Lipa Later is a trusted BNPL company that operates in Kenya, Rwanda, Uganda, and Nigeria with the sole purpose of providing financial solutions to consumers by increasing their purchasing power.
As one of the most popular alternative payment methods for African consumers, the Kenyan-based is now has integrated credit insurance into all products purchased through its platform. This is made possible as a result of the new collaboration with Lami Technologies.
Lami, in a Thursday press release, notes, “Consumers will be automatically protected during the installment period on costs related to any loss and damage caused by an accident.”
Below are some objectives the Kenyan-based startup hopes to achieve by the new initiative;
1. To facilitate the easy and seamless access to insurance for our consumers as we work on expanding our digital offering and growing our footprint in the BNPL space.
2. Our customers will access insurance services affordably for the items they purchase through us.
3. Creating a process where we move away from the traditional and expensive method of acquiring insurance to a fast, seamless and affordable method is a great opportunity in expanding access to insurance.
Waithera Thingruri, Head of Business Growth, Lami Technologies was present during the press statement, and said, “Lami Technologies has been spearheading the transition of affordable and reliable insurance in Africa. We aim to create inclusive prosperity in the region by developing coverage for people from different backgrounds. By partnering with Lipa Later to automatically insure products purchased through its platform, not only are we promoting inclusion in the insurance sector, but we are also enhancing the use of insurance to increase customer acquisition and retention. By doing this, we are also connecting businesses to a wider variety of insurance products that add value to the business while building customer trust and loyalty. We look forward to further collaboration with our partners to continue delivering relevant solutions that provide businesses and people with access to seamless and efficient insurance products.”
Lami Technologies was founded in 2018 to address the problem of low insurance uptake in Africa. Despite having 17% of the world’s population, Africa is among the world’s most underinsured places.
The Kenya-based startup, few months ago, also raised a US$ 3.7m seed extension to expand its insurtech product across Africa.
Using innovation and technology, Lami is revolutionising insurance for underwriters and businesses seeking to bridge the gap by making coverage affordable for all Africans.
Lami’s insurance technology is a powerful tool that offers businesses ease in identifying, pricing, and embedding insurance options with the opportunity to combine two or more products for effective coverage.
