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    Zurich is a leading multi-line insurance provider with a global network that spans more than 170 countries. Working closely with customers and brokers alike, Zurich is proud to offer a spectrum of life insurance and services and general insurance to personal lines, SME, mid-market and global corporate customers.  When it comes to brokers, Zurich is not only focused on offering the best products but practical expertise, tools and knowledge that they can pass on to their clients too. Our key online resource and newsletter Insider allows UK brokers to enjoy free access to the latest expertise, thoughts and opinions on the insurance industry.

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Disruptive bicycle insurance start-up changes name to Laka and partners with Zurich


Laka, formerly Insure a Thing, is challenging the conventional insurance model by offering a truly disruptive bike insurance product, co-built and financially backed by Zurich.

Laka only earns fees when acting in the best interests of the consumer – namely when settling claims. No upfront payments or premiums are paid by a consumer, instead at the end of each month claims are settled as part of a group risk pool (a bike club for example) plus a fee. The payment will change each month but will be capped at the price of a traditional insurance policy, therefore, if claims performance is better than expected in one month everyone will share in that improvement.

Due to this innovative method of pooled payment calculation, consumers are also nudged towards behaving in such a way as to reduce the number of claims, which are simply reported on a smartphone and paid with no excess.

Laka has tested its model as part of the FCA’s Regulatory Sandbox.

Co-founder of Laka, Jens Hartwig comments: “While this tried and tested insurance model obviously works, we think there’s an alternative way which can benefit careful consumers – a way which shares with them the pricing and claims decision-making. We’re starting with high-value bike cover but as our model proves successful we look to explore other products in the pipeline.”

David White, Head of Retail Management at Zurich concludes: “Innovation is an often over-used word but Laka is one of very few InsurTechs doing something genuinely exciting and disruptive. We look forward to working with Laka in the future as they expand their proposition further.”


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