Laka buys renewal rights of CoverCloud’s bike portfolio
Insurtech Laka has bought the renewal rights to CoverCloud’s bike portfolio from broker Acumen Insurance Services.
Laka uses a community-driven insurance model, styling itself as an insurance disruptor.
Customers pay no upfront premiums, and are instead charged based on the cost of claims submitted by the collective the previous month. Fewer claims result in lower charges while a limit protects customers if there are high volumes of claims in any given month. The maximum monthly spend cap is based on the value of the equipment insured by each individual member.
According to Laka, the deal “marks a significant
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