Acini enters into partnership for integrated bicycle insurance

Insurtech Acini has partnered with bicycle insurer Bikmo for an integrated bicycle insurance project.

The partnership will see Bikmo expand its insurance capabilities for bicycle fleets as well as its built-in Application Processing Interface (API)

Bikmo, a partner of Acini since May 2022, is also expanding its cooperation with brokers to a number of countries. The service is currently available in the United Kingdom, Germany, Ireland, Austria and Switzerland.

Jorj Ives, Bikmo’s Technical Director, said Insurance times: “Bikmo is focused on expanding its growth through new and existing products and markets in 2024.”

He explained that the insurtech launched a product specifically for theft, called Clik, on the UK market in March after conducting extensive research into what its target audience expected from a bicycle insurance specialist.

In his annual Open project A 2022 report from Bikmo found that theft claims rate had risen to 53% in 2023, compared to 48.5% in 2020.

The company said brokers would be able to offer the latest version of the insurance product through Bikmo’s API, leading to lower premiums and better coverage benefits.

“Brokers can see the offer in their own systems and use it freely in their transactions,” said Greg Podleśny, co-founder of Acini.

‘Fits well’

Podleśny believes that built-in insurance is a “good match” for the cycling community.

Many cyclists buy their bikes from specialist shops and including insurance with these purchases streamlines the process for cyclists and provides them with immediate coverage, Podleśny said.

He added: “By building insurance into the purchase of bicycles, there is an opportunity to promote safety among cyclists. Insurance coverage can include incentives or discounts for using safety equipment, taking bicycle safety courses or adhering to traffic laws.”

The latest changes to the Road Traffic Act, published in January 2022, classify cyclists as “vulnerable road users”.

In terms of partnership, Acina and Bikmo first started working together in 2022, when someone recommended Bikmo to the insurtech.

“Shortly after, we agreed on the terms and started working together,” Podleśny said.