Insurtech start-up enters UK market with backing from Zurich

funding

Insurtech start-up Laka, previously Insure A Thing, has launched into the UK market with bicycle cover backed by Zurich.

Laka has been granted regulatory consent though the Financial Conduct Authority sandbox and its policies will be underwritten by Zurich UK.

Cover will be provided to cyclists after joining the Laka network for £12 per year; membership provides customers with instant access the insurance product.

The start-up uses a risk sharing platform whereby Laka only earns when it settles claims; premiums are not paid up front by consumers, however claims costs are shared in a group of like-minded risks plus a fee.

Premiums are capped at the average price of a traditional insurance policies and customers can file their claims through an app on their smart phone.

Marcus Latchford, head of proposition and delivery at Zurich said: “Laka are giving their customers what they want - the model is straight forward, premiums are capped at a fixed amount and everything can be processed through a smartphone.

“It is hugely gratifying to support such a young and progressive company such as Laka and we look forward to working with them in the future as they expand their proposition.”

The start-up previously worked with Eos Venture Partners on its angel investment round last Summer by gaining access to the insurance market; Laka managed £240,000 during the funding round.

Tobias Taupitz, co-founder of Laka, told Post that the start-up is making moves towards its next funding round: “We have worked with Eos on our previous angel round last summer. We raised £240,000 back then.

“Our next round is in the making. Eos was instrumental in helping is with our first round of funding as their support is great validation to our proposition and we get access to their vast network in the insurance sector. We trust their advice and are happy to have them on-board.”

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