(Founder Magazine): Jihan, thank you for joining us. To start, can you tell us a little about yourself and what inspired you to become a founder?
Jihan Abass: Thank you for having me. My journey started when I realized how low insurance penetration was in Africa. Less than 3% of Africans have insurance, yet it’s such an important safety net. I saw a huge opportunity to make insurance accessible, affordable, and digital-first. That’s what led me to start Lami.
About the Startup
Q1. Can you introduce Lami InsurTech to our readers? What problem are you solving?
A: Lami is an end-to-end digital insurance platform. We enable companies, including banks, fintechs, and startups, to offer insurance products to their users seamlessly. Our mission is to democratize access to insurance by making it easy to integrate and affordable to purchase.
Q2. What gap did you notice in the African insurance industry that pushed you to create Lami?
A: Insurance has traditionally been expensive, slow, and difficult to access in Africa. Many people don’t even consider it because of the bureaucracy. Lami removes these barriers by digitizing the entire process—from product design to claims processing—so that insurance can be distributed at scale.
Q3. You started as one of the youngest founders in fintech insurance. What challenges did you face building Lami?
A: Convincing traditional insurers to embrace technology was tough. We had to prove that digital solutions can improve efficiency and expand reach without compromising on risk. Also, fundraising as a young African female founder came with its own challenges, but persistence and belief in the mission helped us push through.
Journey as a Founder
Q4. What’s been the proudest moment in your entrepreneurial journey so far?
A: Raising seed funding and seeing global investors believe in our mission was huge. But beyond that, seeing ordinary people afford insurance for the first time through platforms powered by Lami has been the most fulfilling.
Q5. How do you see Lami evolving in the next five years?
A: We want to expand across Africa, making insurance accessible to millions of people who currently don’t have it. Our vision is to become the go-to digital infrastructure for insurance distribution on the continent.
Q6. What role has technology played in shaping your company’s success?
A: Technology is at the heart of what we do. APIs allow us to integrate with partners like banks, e-commerce platforms, and even ride-hailing apps to offer insurance at the point of need. Without tech, this scale wouldn’t be possible.
Advice for Startup Founders
Q7. What advice do you have for young founders who want to build impactful startups in Africa?
A: Focus on solving real problems. Startups that succeed are those that address real pain points for people. Also, resilience is key—funding and growth take time, but consistency pays off.
Q8. What’s one thing you wish you knew before starting Lami?
A: That the journey isn’t linear. There are ups and downs, and sometimes progress feels slow. But every step, even the failures, contributes to growth.
