Laka is attempting the traditional insurance model on its head after identifying a massive gap with respect to two aspects of the market: to regain customer trust in the insurance industry, and to identify a new model, where both insurer and customer have their interests aligned.

Sector: Bike

London-based Laka has created a new business model where the customer comes first. According to the company, this reverses the negative perception that customers have about insurance companies, and rewards them for taking good care of their possessions.

This means that Laka pays claims first, and then asks customers to reimburse the company for the claims expenses that the risk pool has incurred in a period of time (usually monthly) and only up to a guaranteed maximum.

Laka has effectively traded underwriting risk for credit risk. Due to this transparency of costs, it haven’t had a single payment failure. On average, customers have saved 59 percent compared to conventional insurance premiums in 2018.

Headquarters: London, UK

Founded: 2017


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