’By embedding insurance into bicycle purchases, there’s an opportunity to promote safety among cyclists,’ says co–founder
Insurtech Acini has partnered with cycle insurance provider Bikmo on an embedded insurance cycling project.
The partnership will see Bikmo extend its bicycle fleet insurance capabilities as well as its embedded application processing interface (API)
Bikmo, which has been Acini’s partner since May 2022, will also be expanding its broker co-operation in selected countries, with the service currently available in the UK, Germany, Ireland, Austria and Switzerland.
Bikmo chief technology officer Jorj Ives told Insurance Times: “Bikmo is focused on expanding its growth through new and existing products and markets in 2024.”
He explained that the insurtech had launched a theft-only product called Clik for the UK market back in March after undertaking extensive research into what its audience were looking for from a cycle insurance specialist.
In its annual Open Project report from 2022, Bikmo revealed that the proportion of claims made for theft had increased to 53% in 2023, up from 48.5% in 2020.
Via Bikmo’s API, the firm said that brokers would be able to offer the newest version of its insurance product, leading to lower premiums as well as coverage benefits.
“Brokers can see the offering in their own systems and use them freely in their transactions,” said Greg Podleśny, Acini co-founder.
‘Good fit’
Podleśny believes that embedded insurance is “good fit” for the cycling community.
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Many cyclists purchase their bicylces from specialised retailed and so “embedding insurance into these purchases streamlines the process for cyclists, providing them with immediate coverage,” added Podleśny.
He added: ”By embedding insurance into bicycle purchases, there’s an opportunity to promote safety among cyclists. Insurance coverage can include incentives or discounts for using safety gear, attending cycling safety courses, or following traffic laws.”
The latest changes to the Highway Code published in January 2022 classified cyclists as “vulnerable road users”.
In terms of partnership, Acina and Bikmo first began collaborating back in 2022 when someone recommended Bikmo to the insurtech.
“Soon after, we agreed on the conditions and started co-operation,” Podleśny said.
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