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Closing Africa’s Insurance Gap: Using an Agent-Driven Model to Transform How Insurance Is Sold in Africa With Jihan Abass artwork

Closing Africa’s Insurance Gap: Using an Agent-Driven Model to Transform How Insurance Is Sold in Africa With Jihan Abass

Unlocking Africa
E15034:21
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Show notes

Episode 150 with Jihan Abass, who is CEO and Founder of Lami, which is an insurance as a service platform that digitises the entire insurance process and allows users to create and distribute digital insurance products in record time. As one of the first female African founders to secure $5.5 million in funding for her startup, Jihan's journey is nothing short of inspiring. Lami addresses Africa's significant insurance gap by digitising the entire process and empowering agents to sell products like SME WIBA, personal accident, and motor insurance. After a strategic pivot to an agent-driven model, Lami has doubled its revenue and now generates over $300,000 monthly. What We Discuss With JihanWhat challenges in the African insurance market inspired the launch of Lami, and how Jihan aimed to address them.What led to Lami's pivot to an agent-driven model, and how this approach reshaped the company's growth and impact.How Lami's platform works to close the insurance gap in Africa, particularly in reaching underserved and remote communities.The challenges and lessons that came with raising $5.5 million as one of the first female African founders in the insurtech space.How Lami navigates the challenges and risks of operating in an emerging market with a developing insurance industry.Did you miss my previous episode where I discuss How Dodai Is Building Affordable, High-Speed Electric Motorcycles in Ethiopia? Make sure to check it out! Like this show? Please leave us a review here -- even one sentence helps! Connect with Terser on LinkedIn at Terser Adamu, and Twitter (X) @TerserAdamu Connect with Jihan on LinkedIn at Jihan Abass, and Twitter (X) @LamiInsurtechMany of the businesses unlocking opportunities in Africa don’t do it alone. If you’d like strategic support on entering or expanding across African markets, reach out to our partners ETK Group:www.etkgroup.co.uk info@etkgroup.co.uk

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