premium
Q+
18/04/2024 Insurance Innovation

About

Laka seamlessly integrates into existing and new Connected Ecosystems provided by OEMs and IoTs, bringing a fairer and frictionless insurance cover to their customers.

Innovation presentation

Laka's Embedded Insurance Model brings partners:

1. Unique Value Add

Adding specialised insurance makes partners stand out from the competition. It takes away the hassle for the customer to find, calculate, and activate cover for their new bike. Furthermore, Laka's 5* customer service provides a unique excellence in the insurance industry.

2. Customer Retention

Customers receive a 1-2 year cover package or even a rolling subscription for that particular bike or other bikes from their brand. Laka also enables a circular economy system that only allows bikes to be replaced with bikes from their brand.

3. Scale & Consistency

Finally, due to the Embedded Insurance, all of partner customers regardless of location or local regulations can receive the exact same offer. Laka can grow with the company and activate one region after another.

Due to the unique Laka Model, fairer pricing for both customers and partners can be offered, matching their values and getting more people riding.

Uniqueness of the project

Laka is the only insurance provider using a variable share model to calculate the cost of premiums, allowing for a fairer cost of cover for all policyholders.

The policyholder tells us the value of their bike(s) and Laka calculates the monthly maximum cost of their insurance - 'The CAP'.

Policyholders rarely, if ever, pay the full amount each month, as Laka only charges what is needed based on the previous month's claims.

This model is scalable to also apply to commercial contracts with fleets, and group contracts for embedded insurance, as outlined in our Laka Embedded Insurance Pitch Deck.

Want to keep reading?

Become a Qorus member to get access to all our innovations

Interested in learning more? Speak to Boris, Qorus's Content Lead

Qorus has a library of almost 8,000 innovation case studies across critical areas like customer experience, sustainability, marketing & distribution and more that can be used to inform your decision-making.
Contact us

Related innovations

24/04/2024 Insurance Innovation

Radar Live & Optimization

Pricing strategies, rules, adjustments, scores, and other metrics into a real-time rating system

24/04/2024 Insurance Innovation

Fully immersive - the VR-based insurance advice app. Customers and advisors meet in the Metaverse

The Metaverse and Mixed Reality will fundamentally change the way (insurance-) services and products are experienced in the future. However,...

24/04/2024 Insurance Innovation

TwinTrack Analytics

Digitizing and streamlining repetitive, labor-intensive processes in Agency and Underwriting (UW) operations to enhance efficiency and effectiveness.

24/04/2024 Insurance Innovation

OneZurich Workforce Ambassador Module

Empower Zurich employees as customer and ambassadors, an innovative digital ecosystem connecting them to our products and benefits. Transforming culture,...

Related news & insights

Mobility
24/05/2024 News

manager.one payment card provides access to over 300,000 charging stations in Europe

manager.one has integrated the Idemia Card Connect technology over the past two years to enhance its payment card services. This...

Embedded Insurance
23/05/2024 Article

Partnerships provide insurers with the key to unlock cybersecurity opportunities

The rising threat of cybercrime is challenging insurers to build innovative solutions that will protect their customers and generate new...

Digital Reinvention
21/05/2024 Article

Innovation Masters: How top insurers retain customers

In this article, we'll explore recent successful innovative programs for retaining customers by Discovery, Mapfre, Triple-S Vida, AXA, and Nib....

Digital Reinvention
20/05/2024 News

bunq enters the insurance market with AI innovations

bunq, Europe's second-largest neobank, has launched worldwide travel insurance amidst rapid international growth, reaching 12.5 million users and over €8...