Boda Boda Integrated Management System (IMS) has entered into an agreement with Lami Technologies, an insurance tech start-up, to provide affordable motor and personal accident cover for motorcycle riders in Kenya.
Under the deal, IMS is seeking to reach more than 2,000,000 riders and 1,515 active Saccos that are currently registered on its platform.
The partnership gives IMS access to affordable and relevant insurance products by Lami’s Insurance as a service and Application Programming Interface (API) platform.
Lami has already onboarded 300 riders to comprehensive insurance and the two firms have jointly developed a process that ensures motor certificates are issued within five minutes of application.
Boda Boda IMS, which was founded in 2017 to save lives using road safety technologies, seeks to ensure that boda boda riders are safe and secure, orderly and reliable. The aim is to transform this transport segment into a sustainable public transport business in Kenya.
IMS riders and Saccos will leverage Lami’s technology to easily interact with its insurance product, making the process seamless and efficient.
One of the hurdles to deepening of insurance penetration in Kenya is cost, with riders required to make a one-off payment which they cannot afford.
Lami therefore, has come to the rescue, negotiating affordable insurance rates with underwriters and insurance providers, allowing IMS to finance insurance premiums and provides payment options such as installments for riders.
“We have been able to access affordable insurance digitally which has made our work very easy,” said Dr Nick Moseti, CEO, Boda Boda IMS. “Their technology is very efficient and has given us a great and efficient experience.”
Lami Head of Business Growth, Waithera Thinguri, said boda boda’s are critical to Kenya’s transport system and fill a gap in the absence of reliable, efficient transport in both urban and rural areas. “The solution satisfies a growing need to improve insurance uptake in the country by packaging policies and offering them to clients seamlessly,” Waithera said.
Lami was founded in 2018 to address the problem of low insurance uptake in Africa. Despite having 17 percent of the world’s population, Africa is among the world’s most underinsured places. Using technology and innovation, they work with platform partners to create and distribute affordable insurance products to African underserved populations.