Insurtech Laka has announced a new fundraising partnership with bicycle charity – World Bicycle Relief (WBR). The aim is to help mobilise those in developing countries without a means of transportation. It will be insuring cyclists who will have the option of donating to WBR. The insurtech said in a blog on its website that for every new UK rider that takes up insurance they will receive a free £25 credit on sign up which can be donated to WBR. All donations will then be matched by the Laka. And it intends to donate 100 new bicycles to developing countries in 2019 – the first year of the partnership. Partnership It started this initiative on the 11 February this year and customers will have the opportunity to donate some or all of the £25 credit to WBR. Tobias Taupitz, chief executive and co-founder at Laka, said: “Laka is privileged to call World Bicycle Relief a partner, and everyone in the team is proud to be able to support its mission: to increase mobility among those without access to basic human rights such as health, education and food. “While only a small piece of the puzzle, we strive to support the WBR initiative with our best efforts and hope that more cyclists will join us and enable WBR to reach more recipients.” The model The Laka insurance model is run on community cooperative principles with 80% of what each customer pays going towards fellow members whose bikes have been stolen or damaged. The remaining 20% covers running costs. While customers shares can go down to £0 if there are no claims in a month, the insurtech also locks in a maximum price to make sure there are no surprises in months that may see a lot of claims. Allison Dufosee, chief executive at WBR UK, said: “This simple act of insuring your bike can help ensure those who have only ever walked get access to a life-changing bicycle – this is such a great partnership. We are delighted that Laka believes in the Power of Bicycles.”
UK peer-to-peer insurtech firm Laka has announced a funding partnership with World Bicycle Relief (WBF) to help people in developing countries with no access to transportation. The project involves Laka offering £32 ($25) of credit to any UK customer who takes out bicycle insurance, with each user offered the chance to donate the money to WBF. Laka will then match any donation, while the company also plans to donate 100 bicycles to developing countries in 2019.