InsurTech Futures: Start-up bike insurer Laka teams up with Zurich

Start-up's business model means the consumer makes payments at the end of the month, based on the cost of claims settled during that period.

Start-up bike insurer Laka has launched a bike insurance product, co-built and financially backed by Zurich, with the aim to “challenge the conventional insurance model”.

The business uses a pooled payment calculation model, and according to Laka it only earns fees when it is settling claims, while no upfront payments or premiums are paid by the consumer.

The start-up explained that at the end of each month claims are settled as part of a group risk pool plus a fee, adding that the payment