The Laka Model Qorus Innovation in Insurance Awards 2024- Nominated
United KingdomCategory
InsurtechKeyword
Insurance, Targeted-niche offerings, Car & Mobility insurance, IoT & Telematics, Claims management, Subscription products, Embedded finance & Super apps, MobilityBusiness Line
Accident InsuranceDistribution Channel
Online / Direct
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.
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