The initiative aims to provide Kenyans with affordable insurance products and increase coverage across the country.
Digital banking fintech startup Kwara has partnered with Kenyan-based insurance technology company, Lami Technologies, to provide Savings and Credit Co-operative Society (SACCO) members in Kenya with affordable and transformational insurance products through its digital platform. The partnership will allow SACCO members to conveniently access innovative insurance products ranging from health, general, life, business, and property coverage.
The collaboration aims to build the domestic insurance ecosystem and empower SACCO members to get insurance products seamlessly that meet their needs. The initiative is one of the first to broaden access to help close the insurance gap amongst SACCO members, allowing more Kenyans to build financial security.
Kenya’s insurance penetration rate is less than 3 percent, leaving many vulnerable to financial stress. Low adoption is attributed to several factors, including a lack of awareness of available insurance products and offerings that are inflexible and unaffordable to most citizens. To increase insurance uptake and allow more Kenyans to have access to coverage, the partnership aims to provide Kwara’s 60,000+ members an easy way to access products tailored to their specific needs. Kwara will offer these products to members through its neobank app, integrated with Lami’s insurance technology infrastructure. Together with Lami, they will work with underwriters to customize flexible and affordable insurance products based on the market’s requirements.
Cynthia Wandia, Co-founder and CEO, Kwara, said: “This partnership speaks to our wider strategic goal to help existing credit unions and savings cooperatives transform into modern digital financial institutions. We believe that providing access to insurance products through the Kwara app will fast-track members into a path of financial independence and strengthen their ability to withstand financial shocks.”
Jihan Abass, Co-founder & CEO, Lami, said, “We are proud to partner with Kwara to introduce affordable insurance products to SACCO members, and empower Kenyans with a fast, simple, and quick coverage option that contributes to a more inclusive ecosystem. By harnessing the power of technology and collaborating with market leaders to roll out equitable solutions, we are fulfilling our mission to provide coverage to millions of underserved Kenyans. This collaboration is a significant milestone for both organizations, and will help shape a new digital age for the insurance ecosystem.”
This partnership is designed to equip people with the right products paving their own path towards financial security.