Nairobi, Kenya. 04 November 2021- Digital banking fintech startup Kwara has partnered with insurance technology firm, 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.
Cynthia Wandia, co-founder and CEO of Kwara, said the partnership is aimed at empowering SACCOs and other credit unions to 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,” she said.
Jihan Abass, co-foUnder and CEO, Lami, said the collaboration will help shape a new digital age for the insurance ecosystem that will 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,” Abass said.
Kenya’s insurance penetration rate is less than 3 percent with the low adoption blamed on lack of awareness of available insurance products and offerings that are inflexible and unaffordable to most citizens.
Kwara will offer these products to members through its neobank app, integrated with Lami’s insurance technology infrastructure, the two will work with underwriters to customize flexible and affordable insurance products based on the market’s requirements.
