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Laka - Straightforward bicycle insurance powered by the community.

We are building the mutual insurer of the future. We believe that paying premiums upfront is a bad deal for customers and therefore have turned the traditional concept on its head. With Laka, customers won't pay any premiums upfront, but rather a share of the actual claims cost at the end of the month, up to a clearly communicated personal cap. The cap is not higher than the price of traditional insurance. In turn, if there are no claims, customers won't pay anything. Add to his a simple policy wording without any excess, depreciation or complicated fine print.

Since our launch, customers have saved 87% in premiums compared to market as no claims occurred January to March. In April, we settled our first claim with no customers defaulting on the payments at the end of the month. Whilst we offer monthly rolling contracts, no customer has cancelled the contract yet.
We have launched our first product, cover for high value bicycles, as proof of concept in January 2018 as part of the FCA Sandbox, and have since graduated from it with a full MGA license.

The personal cap is provided by our insurance partner, Zurich UK, in the form of a stop loss, and as such allows us to run a capital-light model.

We are just about to close our £1m Seed round and are pleased to share that our Lead Investor will be a Malaysian insurer, with whom we have agreed to set up a joint venture in 2018 to export our innovative model to South-East Asia. Press release and further information will be available on June 1st.

Laka offers an alternative to the existing insurance model. A model where both customer and company wins, aligning interest for the first time.