(Image credit: Adam Jones/Unsplash.)
Micro Insurance Company (MIC, New York), a full-stack digital insurance platform, and Bikmo are partnering to provide digital solutions to encourage Cycle to Work schemes in Austria. A joint announcement from the firms says that MIC brings underwriting expertise to the partnership, along with the ability to create unique solutions for very specific, non-traditional use cases. Bikmo (Chester, England), an InsurTech that specializes in bicycle insurance, will control product sales as well as handle the claims process.
In an effort to further boost the attractiveness of cycle-to-work incentive schemes in Austria, MIC and Bikmo have designed a service warranty product that is embedded into the bicycle loans given by employers. This insurance-based product allows employees to take their bicycle in for service annually. In addition to the benefit to the cyclist employee, the product also gives employers confidence, knowing that if employees need repair or replacement for their bike, they are covered. Thus the product increases the viability of the cycle-to-work scheme because the cost of an unexpected circumstance related to their bicycle will not be the reason an employee stops biking to work. Having a built-in warranty means they can take care of any of their bicycle servicing needs and be back in action quickly.
“We are very excited to make our first entry into the EU market and to do so with an innovative InsurTech such as Bikmo is an endorsement to our focus on underwriting simple, effective insurance products,” comments Richard Leftley, EVP, Micro Insurance Company.
“It’s been a delight to work with an insurer as agile and responsive as MIC to bring a product to market in record time for Bikmo,” says David George, CEO, Bikmo. “We’re looking forward to working with Richard and the team as we develop this product and new initiatives.”
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