Tag Archive: laka

  1. Laka and The Royal Dutch Cycling Union announce new partnership

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    Collaboration aims to better support the growing number of sport cyclists in the Netherlands

    Bicycle insurer and LEVA-EU member, Laka, and the Royal Dutch Cycling Union (KNWU) have joined forces to lower insurance barriers for cyclists, with Laka introducing a new insurance model aimed at various cycling groups, including mountain bikers and road cyclists.

    More support for cyclists with new transparent insurance model

    The KNWU aims to make the cycling experience more convenient for different riders and has chosen Laka as a partner to support them in this mission. Laka has highlighted the transparency of its new insurance model, noting that customers will never have to pay more than a fixed maximum amount, which could be lower if there are fewer claims within a given period.

    KNWU members can benefit from this partnership with insurance options that cover both sporting activities and everyday use. Laka offers Race and World cover, which can be used for official competitions that require a licence, allowing KNWU members to focus on their sporting goals with less worry about cycling risks.

    “Cycling is growing rapidly in the Netherlands and with it the need for flexible and fair solutions for cyclists. No small print, but simple and transparent. By working together with Laka, we not only offer our members, clubs and associations, but also the broader cycling target group, the best conditions, but we also contribute to a safer and more accessible cycling culture. With Laka, our members can focus on what they like to do most: enjoy cycling, without worrying about their bike,” states KNWU’s CCO, Daniel Heijne.

    Commitment to safety and education

    In addition to the insurance benefits, KNWU and Laka will also organise cycling safety and education projects to make cycling more accessible and safer in the Netherlands. The projects aim to do this by raising awareness of the benefits of good insurance and the significance of accident prevention. And KNWU and Laka want to continuously adapt their services for cyclists by closely monitoring developments in the cycling world.

    “KNWU and Laka share a passion for making cycling easier and safer for everyone. Together, we want to make it as simple as possible for cyclists to travel well-insured. We are proud that this collaboration will strengthen our mission and offer KNWU members access to a service that truly understands their needs,” says Laka’s Partnership Manager EU, Joost Klarenbeek.

  2. How Laka has become a popular insurer with European retailers and manufacturers

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    Laka CEO Tobias Taupitz details how the InsurTech company’s collective model is popular with some of Europe’s biggest bike brands.

    Laka, a leading bicycle insurance company, is attracting some of Europe’s top bike retailers and manufacturers. Among its clients are Decathlon, Gazelle, Riese & Müller, Tenways, Urban Arrow, and Brompton.

    Laka’s innovative model eliminates upfront premiums. Customers are billed based on the previous month’s claims, ensuring transparency and capping individual costs. This approach has resonated, leading to over €200 million in insured value and €27 million in fundraising.

    Transitioning from a direct-to-consumer model to retail and commercial partnerships, Laka has seen a 145% year-on-year increase in net revenue in Europe, with a 126% growth in partner revenue.

    Partner-led growth

    Operating in the UK and the Netherlands, Laka insures cyclists directly and through partners. Its unique model, where customers “pay for what’s needed, not what’s expected,” has garnered investor confidence. Last year, Laka raised €7.6 million from investors including Shift4Good, Autotech Ventures, Porsche Ventures, Ponooc, and Creandum. With €200 million in insured value, Laka aims to surpass €1 billion.

    Laka’s partnership model is integral to its success. For instance, Gazelle includes 12 months of theft insurance with its connected e-bikes, and Decathlon has expanded its offerings to include Laka’s insurance for all bikes in the UK and the Netherlands, alongside its existing activity in France and Belgium.

    Customer-centric insurance

    Laka’s model ties premiums to the collective number of claims, encouraging customers to minimize claims for lower costs. Unlike traditional insurers, Laka earns a fee only after settling claims, aligning its interests with customers. Laka’s post-claim support includes repair advice and bike replacement assistance, ensuring a seamless experience.

    The company’s commitment to ESG principles involves salvaging damaged bikes and recycling parts, with proceeds benefiting customers. Acquisitions like French e-bike insurance broker Cylantro and the renewal rights for CoverCloud’s bike portfolio in the UK have bolstered Laka’s expansion.

    Six-time winner of the ‘Best Cycle Insurance Provider’ award, Laka’s transparency and customer focus are revolutionizing the insurance landscape. CEO Tobias Taupitz states, “We flip insurance on its head,” and has also stated Laka’s aim to be Europe’s leading micromobility service partner.

    The full interview with Zag Daily can be accessed here.

  3. Decathlon and Laka continue partnership as the bicycle insurer of choice for Decathlon Netherlands 

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    • Insurance disruptor Laka extends its partnership with the French sports brand Decathlon.
    • Laka insurance is now available for all Decathlon customers in The Netherlands.
    • The partnership enables customers to insure their bikes easily, with a quote for the monthly insurance cost calculated based on the value of the bike. 

    Laka, the award-winning European Insurtech that offers a unique insurance model to cyclists and businesses, has extended its partnership with Decathlon. After a successful launch with Decathlon’s Connected E-Bikes in 2022, launching in multiple countries, the launch in The Netherlands marks the extension of a successful partnership having already launched with Decathlon UK in 2023. 

    Now the selected bicycle insurer for Decathlon Netherlands, Laka is available in all 21 stores and across all Decathlon e-commerce channels in the country. Decathlon selected Laka for its unique collective insurance model, with fair and transparent pricing. 

    In Laka’s model, customers only pay for the actual monthly claims within the collective, based on the value of their bike. Laka’s exceptional customer service, fast claims handling, and comprehensive coverage make them the ideal partner for bike insurance. This flexible option is perfectly suited for road bike enthusiasts who own a Van Rijsel or for those taking their e-bike on holiday, delivering top-tier protection for racing and travelling.

    Laka already offers exclusive coverage for connected e-bikes in the Netherlands, integrated within the Decathlon connected app.This coverage includes GPS tracking and recovery features for insured bikes. Laka enables Decathlon to close the loop on insurance, by recovering stolen bikes and either getting them back to the customer or enabling Decathlon to resell the recovered bikes as part of their Second Life-Program, supporting part of Laka’s ESG strategy to get stolen bikes back on the road. Laka is continually looking at unique services to offer in addition to insurance and supporting manufacturers and retailers to provide next-level customer experience. 

    On the Decathlon partnership, Tobias Taupitz, Laka CEO said, “It’s great to see further commitment from Decathlon on the importance of customer-first insurance. we are excited to see the partnership evolve with additional territories already on the roadmap.”

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    About Laka 

    Laka, winner of the ‘Best Cycle Insurance Provider’ Award six years in a row, has challenged outdated traditional insurance to provide customers and businesses’ with a fairer, collective-driven approach to insurance. Laka 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. Laka customers work together as a collective and share the cost of claims. Laka handles all claims, divides the cost fairly and limits each customer’s maximum monthly spend with a cap based on the value of the equipment insured by each individual member. Laka members fully benefit from lower costs but are also protected if there are a high volume of claims in any given month.

    For further information about Laka, visit Laka https://laka.co/nl/ 

  4. Laka acquires renewal rights to CoverCloud’s bike portfolio

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    • Insurance disruptor Laka completes the renewal rights acquisition of UK insurance provider CoverCloud’s bike portfolio.
    • CoverCloud’s customers will now have access to Laka’s insurance cover.
    • The renewal rights acquisition follows Laka’s acquisition of French bike insurance provider, Cylantro, last year.

    Laka (www.laka.co), the award-winning UK & EU Insurtech that offers a unique insurance model to cyclists and businesses, has acquired the renewal rights to CoverCloud’s bike portfolio. This marks a significant step in Laka’s growth strategy, following their acquisition of French bike insurance provider, Cylantro, last year. The renewal rights acquisition consolidates Laka’s position as a leading bike insurer in the UK, allowing CoverCloud’s existing customer base to access Laka’s innovative, community-driven insurance model, while they continue to expand their presence across Europe.

    CoverCloud customers will benefit from Laka’s insurance coverage with a new level of flexibility, transparency, and 5-star rated customer service. Laka offers three tiers of coverage for UK customers: a Core product with essential insurance cover, a Complete product for ultimate peace of mind, and the ability to add Race & Travel (for as little as 30 days at a time).

    Laka continues its commitment to lead and redefine the pan-European cycle insurance space, extending its footprint across the region and working with customers and businesses alike to offer new solutions and maintain its top-quality service.

    On the renewal rights acquisition, CoverCloud’s owner Acumen Insurance Services Limited MD Alan Reif says: “We are delighted our Cycle policyholders will be able to access this specialist cycle insurance product with additional services, too. We researched the UK cycle market very diligently for the right partner, and Laka was the obvious home for our cycling customers.”

    Tobias Taupitz, Laka CEO, adds: “We’re excited to provide CoverCloud’s customers with the ability to join The Laka Collective. We take great pride in our customer-centric approach and are delighted that the CoverCloud Team recognises this by choosing Laka as their preferred partner. This renewal rights acquisition forms part of Laka’s M&A strategy, complementing organic growth.”

    All CoverCloud customers that choose to join Laka will receive 30 days free insurance.

    For further information about Laka, visit Laka https://laka.co/gb/

    About CoverCloud

    CoverCloud is the online direct selling division of Acumen Insurance Services Limited, boasting a strong track record in providing innovative personal lines insurance products, notably travel and gadgets. A trailblazer in the industry, Acumen prides itself on delivering exceptional customer experiences through the use of technology. Acumen’s involvement as a founding member of Insurtech UK underscores its commitment to forward thinking in the insurance sector, leveraging cutting-edge technologies such as AI and parametric solutions. In 2015, Acumen became part of the City of London-based CSP Holding group.

    About Laka

    Laka, winner of the ‘Best Cycle Insurance Provider’ Award six years in a row, has challenged outdated traditional insurance to provide customers and businesses’ with a fairer, collective-driven approach to insurance. Laka 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. Laka customers work together as a collective and share the cost of claims. Laka handles all claims, divides the cost fairly and limits each customer’s maximum monthly spend with a cap based on the value of the equipment insured by each individual member. Laka members fully benefit from lower costs but are also protected if there are high volumes of claims in any given month.

  5. Bicycle insurer Laka welcomes new investor: Achmea Innovation Fund

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    Achmea Innovation Fund has made an investment in the European micromobility insurer and LEVA-EU member Laka. This startup provides a range of insurance and circular economy services to e-bike riders, cyclists, and businesses. This investment is in line with Achmea’s ambitions in the field of smart and sustainable mobility and its interest in innovative mobility solutions.

    Laka is a mobility insurtech, founded in London in 2017 and now active in multiple European countries, including the Netherlands, and insures more than €140 million worth of bicycles and e-bikes. Laka’s main offering is collective-driven insurance for bikes, e-bikes and e-cargo bikes.

    The collective is a group of cyclists, connected by a common interest; their bicycles. Each month’s claims are shared amongst Laka’s collective of cyclists, so the monthly bill varies up to a guaranteed cap. Now cyclists only pay for what’s needed. The fewer claims there are, the lower the monthly premium.

    As well as offering insurance directly to consumers, Laka is working with retailers and brands to embed insurance at point of sale. The most recent partnerships are with the Dutch bicycle manufacturer Gazelle and cargo bike brand Urban Arrow from Pon. Other partners include sports retailer Decathlon and e-bike brand Riese & Müller. This allows Laka to reach cyclists in the most efficient way.

    Exploiting the opportunities of embedded insurance

    Katharina Maas, Fund Manager Achmea Innovation Fund: “In a world where the demand for green and healthy transport options continues to rise but electric bicycles are also becoming increasingly expensive, Laka is at the forefront with innovative solutions. Their innovative ’embedded’ insurance model ensures that bicycles are insured directly from the manufacturer. But Laka does more; They also offer services to recover stolen bikes, and they help cyclists get back on the road quickly after theft or damage. Achmea invests in Laka because of the attractive possibilities of embedded insurance and the synergy with our business activities. Moreover, Laka’s model is directly in line with our cooperative values and our mission to optimally insure customers and provide them with the right services.”

    Tobias Taupitz, CEO and co-founder Laka: “We’re excited to welcome leading Dutch insurer Achmea to join Laka’s ride. Their investment is testament to the strength of our embedded proposition and will support Laka’s growth across Europe in Green mobility. We look forward to working with the Achmea Innovation Fund team and the broader organisation to create outstanding customer value. In addition, we welcome Henrieke Hoftijzer to join our board.”

    Next growth phase

    Achmea Innovation Fund’s investment follows the extension of the latest investment round led by impact investor Shift4Good alongside existing investors Autotech Ventures, Porsche Ventures, Ponooc, ABN AMRO Ventures, Creandum, 1818 Ventures and Elkstone Partners. This will allow Laka to enter the next phase of growth, which is aimed at further expansion in Europe.

    For more information:

    Marco Simmers
    Press officer Achmea
    +31 6 53 43 87 18
    marco.simmers@achmea.nl

    About Achmea Innovation Fund

    Since 2019 Achmea Innovation Fund invests in start-ups and scale-ups that match the mission and strategic domains in which Achmea operates. The fund exclusively takes minority stakes in these companies, with the aim of further growth and realising strategic value for Achmea. The Achmea Innovation Fund contributes to solving social issues, for example in the field of mobility.

    Founded in 2017, Laka set out to transform insurance by connecting passionate cyclists to form a collective and protect their bikes for when things go wrong. Now serving cyclists across Europe, Laka is the leading bike insurance provider that insures businesses and individuals looking to make their journeys pedal-powered. Laka challenges the traditional insurance model by providing tailored cover to suit your needs – this includes a tech-driven claims experience that has won Best Cycle Insurance Provider’ at the Insurance Choice Awards for six years running.

  6. Laka and Riese & Müller partner up to offer insurance to RX Connect customers

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    • Insurance disruptor Laka partners with German bicycle manufacturer Riese & Müller.
    • Laka will now offer three insurance packages included in the Riese & Müller ConnectCare service to all RX Connect customers in Belgium, the Netherlands, and France.
    • The partnership enables customers to insure their bikes easily through the Riese & Müller My Bike platform and the RX Connect app.

    Laka (www.laka.co), the award-winning European Insurtech that offers a unique insurance model to cyclists and businesses, has started a new partnership with the German premium E-bike manufacturer, Riese & Müller, to provide cover for all existing and new RX Connect customers with ConnectCare subscription in France, Belgium, and the Netherlands.

    With this new partnership, Riese & Müller customers who buy an E-bike with an RX Chip and subscribe to ConnectCare now benefit from exclusive Laka bike insurance cover under the ConnectCare service. The new ConnectCare service comes in three options, Basic, Smart, and Comfort, and was launched this month. This shows the commitment from Laka and Riese & Müller to stamp out thieves and keep everyone riding protected.

    Known for developing fully suspended E-Bikes and cargo bikes, and the innovative RX technology, the partnership with Riese & Müller builds on Laka’s existing network of micro-mobility brands across Europe such as Gazelle, Brompton, and Decathlon.

    On the Riese & Müller partnership, Tobias Taupitz, Laka CEO said, “We are excited to welcome Riese & Müller to the Laka family and their RX Connect E-bike customers to the Laka Collective. We’re determined to provide them with a best-in-class experience and service. Together with Riese & Müller, we can help their customers fully enjoy their e-bike, knowing that Laka will swiftly get them back on the saddle if needed.”

    Joachim Teske, Product Manager Digital Services at Riese & Müller, said:
    “We are looking forward to expanding our ConnectCare Service to further European markets, connecting more customers to their bikes and giving them a greater sense of security and peace of mind. We’re sure that our E-Bike riders will benefit from Laka’s service and together with both our connectivity and recovery service we have created a holistic product.”

    To find out more visit: https://www.r-m.de/rx-services and https://group.laka.co/r-m

  7. Laka acquires French e-bike insurance broker Cylantro

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    European mobility insurer Laka, who provide a range of insurance and circular economy services to e-bike riders, enthusiast cyclists and companies, has announced the acquisition of Cylantro, a French e-bike insurance broker.

    The company at the same time publicised its latest funding round, with the aim of building upon its leadership in the Green Mobility sector. The equity plus debt round of €7.6 million, was led by leading impact investor Shift4Good, alongside existing investors Autotech Ventures, Porsche Ventures, Ponooc, ABN AMRO Ventures, Creandum, 1818 Ventures & Elkstone Partners. Previous angel investors include Zwift CEO and co-founder, Eric Min. The fresh capital will be used to amplify Laka’s efforts to enable more customers to transition to more environmentally friendly modes of transport.

    The CEO and founder of Cylantro, Thomas Arnou, has joined Laka, specifically overseeing operations in the French market. This strategic move has been prompted, in part, by the notable surge in e-bike and bicycle sales, as well as the increasing prevalence of cycling as a mode of transportation in France, outpacing other European nations. Cylantro, headquartered in Paris, operates as an insurance brokerage firm with a distinct specialization in catering to the unique requirements of its clientele in the realm of bicycles and e-bikes.

    Arnou commented: “Cylantro was in the unique position of having a lot of acquisition interest and, therefore, able to get a clear vision of the competitor landscape. We chose to join forces with Laka because of their aligned core principles – customer first and best-in-class claims handling. We’re ready to build the European leader together.”

    Tobias Taupitz, CEO and co-founder of Laka, said: “We’re excited to welcome onboard the Cylantro team to Laka. Thomas and his team have built up a fantastic offering in France, and we can’t wait to ramp up our presence across the country. E-bikes are expected to outgrow car sales by 2025 in Europe and we see huge potential in France, where the sales of bikes and e-bikes are growing at double-digits.

    “We are also excited to welcome Shift4Good as an investor, and we look forward to working with them to expand our commitments to decarbonising mobility, by making it easier for consumers to insure and protect their bikes or e-bikes.”

    Matthieu de Chanville, Co-founder and Managing Partner at Shift4Good, commented: “It is a great honour to assist Laka in accelerating within the highly promising market of smart mobility. Laka returns insurance to its pure, mutual heritage. Laka’s members and their shared interests incentivise positive behaviour which in turn benefits the entire community. We have full confidence in the team, their tech stack, and the momentum of Laka. We are committed to providing substantial support in both Europe today and Asia tomorrow to further their mission of decarbonizing road mobility. Creating global leaders through innovative technology isn’t just our mission; it’s a daily passion, as exceptional entrepreneurs are pivotal in driving a sustainable economy.”

    About Laka

    Laka, winner of the ‘Best Cycle Insurance Provider’ Award four years in a row, was founded to better serve individual cyclists and businesses with a fairer, collective-driven approach to insurance. With a tech-driven and customer-centric approach, Laka has built on being an award-winning cycle insurer, to now being uniquely positioned as the go-to micromobility insurance provider in the UK and Europe. www.laka.co

  8. Cervélo & Santa Cruz choose Laka as their preferred insurance partner

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    LEVA-EU Member Laka, the award-winning bicycle insurance provider, is thrilled to announce a partnership with prestigious cycle brands Cervélo and Santa Cruz. Laka will be the official insurance partner, providing Cervélo and Santa Cruz customers with a fair and painless insurance experience.

    “We’re thrilled to partner with Cervélo and Santa Cruz to offer their customers a unique and innovative insurance product.” said Joost Klarenbeek, Partnership Manager at Laka, “Laka’s insurance champions fairness, transparency, and positivity, which beautifully aligns with the exceptional service and quality of these iconic bike brands. This partnership reflects the indispensable role insurance plays in the full service retail experience. We’re really excited to be providing enhanced protection for Cervélo and Santa Cruz customers’ high-end bikes.”

    Laka’s insurance model offers a fair and transparent price combined with customised cover to meet the needs of road cyclists and mountain bikers. Additionally, Laka’s insurance model is built on a collective model where customers are only billed for the real cost of claims made within the collective. This unique model promotes a safe and responsible biking culture, while substantially reducing insurance costs.

    Michael Sommer, Sales Director EMEA at Cervélo & Santa Cruz, adds, “It’s a great relief to finally have an insurer that truly understands the specific needs and value of high-end road bikes like ours. Our partnership with Laka will ensure our customers are fully protected, enhancing their peace of mind.”

    The partnership between Laka, Cervélo, and Santa Cruz signifies the importance of top-tier insurance products in amplifying customer satisfaction and loyalty in the bicycle industry.

    About Laka

    Laka, winner of the ‘Best Cycle Insurance Provider’ Award four years in a row, was founded to better serve individual cyclists and businesses with a fairer, collective-driven approach to insurance. With a tech-driven and customer-centric approach, Laka has built on being an award-winning cycle insurer, to now being uniquely positioned as the go-to micromobility insurance provider in the UK and Europe. www.laka.co

  9. Laka collaborates with Sigma Sports and CycleSoftware

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    Laka has partnered with Sigma Sports and CycleSoftware to provide customers with insurance solutions at the point of sale (POS). 30 days of free insurance is offered to Sigma Sports’ customers on their new bike purchase, after which preferential rates are obtainable. Recognising their integrated approach, CycleSoftware has also introduced Laka’s service to its customers.

    “We are excited to add Laka to our insurance links within CycleSoftware,” said Jebbe Sluiter of CycleSoftware. “Laka has an excellent reputation as an insurer for sporty bikes, e-bikes, and cargo bikes, and we are confident that our bike shop customers will benefit from the addition of Laka to our platform. This enables them to serve their customers even better and provide a seamless experience during the sales process.”

    For the past five years, Laka has won the ‘Best Cycle Insurance Provider Award’, reflective of its cooperative stance regarding issuance policies for customers and businesses alike. Customers are only charged based on the cost of claims submitted in the previous month. There are no upfront payments, so customers benefit from fair premiums. All claims are handled by Laka, who divides the cost and limits each customer’s maximum monthly spend. Caps are based on the value of the equipment insured by each individual member.

    Laka Partnership Manager, Joost Klarenbeek, commented, “Thanks to the collaboration with CycleSoftware, we can expand our reach and make our insurances even more accessible to bicycle shops in the Netherlands. It is important to mention that we do not demand exclusivity from the bike shops we work with. As a result, they retain the freedom to offer other insurers to their customers.”

    Meanwhile, commenting on its collaboration with Sigma Sports, Laka CEO, Tobias Taupitz, remarked, “Laka is proud to partner with Sigma Sports, a well-known name in the UK cycling community, and we’re determined to provide a best-in-class experience for its customers.

    “Together, we can help their customers fully enjoy their bike, knowing that Laka has their backs and swiftly get them back on the saddle if needed.”

    Sigma Sports is renowned for retailing bikes and accessories and supplying in-store services that include maintenance and bike fitting. The partnership with Laka is reflective of Laka’s existing network of similar bike shops and brands.

    James McEuen, CEO of Sigma Sports, added, “At Sigma Sports we pride ourselves on our excellent customer service and the highest quality bikes and equipment. We take the same care and attention when choosing those businesses, we partner with and Laka is a perfect example of that same commitment to outstanding quality of care for the customer.

    “It is great to be able to offer 30 days free insurance on their new bike purchase with access to preferential rates thereafter.

    “We know Laka will look after our customers and their bikes in the best way possible and keep them pedalling no matter what.”

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