Laka has developed a community-driven approach to insurance initially focused on the cycling market. Its first product insures bicycles and cycling equipment against theft or damage. Its products are now used by over 5,000 cyclists across the UK. Unlike the traditional actuarial model of insurance, which incentivises the insurer to maximise profit by settling as few claims as possible, Laka customers work together as a community and share the cost of claims.
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https://www.crowdfundinsider.com/2020/02/157323...
Insurtech: London-based Laka Secures €4.2 Million for Ongoing Development and Expansion of its Bicycle Insurance Services
London-based Insurtech Laka secures €4.2 Million for ongoing development and expansion of its bicycle insurance services.