Laka offers insurance powered by the community, where customers don’t pay premiums upfront any longer, but rather share the true cost of claims.
This peer-to-peer, community-based insurance disrupts the existing insurance model as premiums will only be paid if there is a claim. If there are no claims within the community, there will be no premiums paid for that month.
In addition, the vast size of communities means that premiums are also much lower than charges imposed by traditional insurers. Using the case of high-end bicycles, owners also get a pro-rated insurance premium based on the value of their bicycle, ensuring fair rates for all members of the community.
Having only been around for a year, Laka has certainly got off to a quick start, bagging three awards at the Insurance Choice Awards 2018, including Best Newcomer, Best Cycle Insurance Provider and Innovation of the Year.
Co-founded by Tobias Taupitz (CEO), Jens Hartwig (CPO), and Ben Allen (CTO), Laka is targeting rapid expansion into Asia and is also seeking to offer insurance programmes for a wider range of lifestyle products and gadgets.