Babel Cover launches bicycle insurance on behalf of Atlas Insurance
UK-based technology provider Babel Cover has launched bicycle insurance in partnership with Maltese insurer Atlas and emerging technology firm Piprate to insure bicycles of competitive cyclists, triathletes and commuters of Malta.
The intention of the pilot is to perform live and controlled product and technology testing laying the framework for the release of new products and more countries. And “since this is a pilot project for the setting up of future business projects, no fee will be charged by Babel at this moment.”
With Atlas’ iCycle policy, policyholders can insure bicycles up to €5,000 (“Please Contact Us if your bicycle Sum Insured is higher than €5,000”) and there’s a €50 deductible applicable for each and every loss. In the cases listed below, however, there is an excess as outlined for each and every loss:
- Theft from outside the home – 20% of the sum insured (with a minimum of €125)
- Public liability – €125 any one claim for third party property damage, except for use in competitions (Sprint option), in which case the excess is €500 for any one claim
- Other use in competitions (Sprint option) – 20% (with a minimum of €250)
“With our experience both as a leading insurer and protected cell platform in Malta, Atlas is pleased to provide insurtech start-ups with regulatory expertise, infrastructure and economies of scale only usually found in well-developed insurers. Piloting Babel Cover in Malta is also a natural fit with our pursuit of leading customer experience, where we are making significant investments in new innovative technology.” – Matthew von Brockdorff, CEO of Atlas Insurance.
“Babel Cover believes buyers of insurance will ultimately benefit by having a fully digital product that offers more transparency, ownership and oversight of the insurances they purchase and the investments underpinning the premiums collected. Insurance provides an essential social and economic role. The current business model underpinning the deployment of insurance capital to risk is not overly efficient and is subject to an overwhelming amount of non-added value cost. Babel Cover’s proposed risk financing model as supported by modern technologies will ultimately lead to individualized insurance and cost savings. Babel Cover proposes to return savings to customers in the form of rewards to build greater loyalty and trust between buyers and sellers of insurance.” – Stuart King, founder and CEO of Babel Cover .
“This collaboration is an important milestone towards Piprate’s objective of providing a seamless, privacy-conscious way of exchanging insurance data. Piprate’s data wallets that hold the insured’s data, from personal details to policies and claim documentation, are ideally suited for the next generation of insurance products. We are delighted to be a part of Babel Cover’s vision and the heightened attention on data protection, transparency and operational efficiency.” – Stan Nazarenko, founder & CEO of Piprate .
Get a feel for the flow below.