RECENTLY FUNDED OPPORTUNITY

What’s thisThis Investment is eligible for the Enterprise Investment Scheme (“EIS”). The eligibility of EIS relief depends on both your individual circumstances and those of the investee company.

Please consult your tax advisor should you have any queries regarding EIS and its applicability to you.

Laka

Straightforward bicycle insurance powered by the community

Laka is a London-based InsurTech startup that offers “crowd insurance” to rival traditional premiums. Crowd Insurance is a unique insurance model that sees customers only pay for the true cost of cover. At the end of each month, the cost of any claims is split fairly between customers, with the individual’s maximum premium capped at the “market rate”. If there are no claims, the premium for that month is zero.

In the first 8 months of trading, Laka has saved an average customer with a £2,200 bicycle around £111 in premiums compared to alternative offerings (77%).

laka.co.uk          London, United Kingdom

Entrepreneurs

Tobias Taupitz, Jens Hartwig, Ben Allen

RECENTLY FUNDED OPPORTUNITY

Laka

Straightforward bicycle insurance powered by the community

Laka is a London-based InsurTech startup that offers “crowd insurance” to rival traditional premiums. Crowd Insurance is a unique insurance model that sees customers only pay for the true cost of cover. At the end of each month, the cost of any claims is split fairly between customers, with the individual’s maximum premium capped at the “market rate”. If there are no claims, the premium for that month is zero.

In the first 8 months of trading, Laka has saved an average customer with a £2,200 bicycle around £111 in premiums compared to alternative offerings (77%).

laka.co.uk          London, United Kingdom

What’s thisThis Investment is eligible for the Enterprise Investment Scheme (“EIS”). The eligibility of EIS relief depends on both your individual circumstances and those of the investee company. Please consult your tax advisor should you have any queries regarding EIS and its applicability to you.

Entrepreneurs

Tobias Taupitz, Jens Hartwig, Ben Allen

Founded

2017

First Funded

May 2017

Sector

InsurTech

Status

Current

What’s thisThis investment is currently part of our investment portfolio.

Founded

2017

First Funded

May 2017

Sector

InsurTech

Status

Current

What’s thisThis investment is currently part of our investment portfolio.

Laka provides a platform which turns insurance as we know it on its head. Laka aims to reverse the trust relationship with retail customers by only earning fees when acting in their best interests: settling claims.

There are no upfront payments or premiums. Instead at the end of each month, the cost of claims are split between a group of like-minded cyclists (risk pool). Customers are protected from high payments through an individual cap, guaranteed by insurance partner Zurich. The cap is set at market rate and thus the consumer has confidence that the maximum they will ever pay in any given month will be the same as a traditional insurance policy.

In turn, if claims performance is better than expected, everyone will share in that improvement. Consumers are also incentivised to behave in the right way, reducing the number of claims.

In the first 8 months of trading, Laka has saved an average customer with a £2,200 bicycle around £111 in premiums compared to alternative offerings (77%).

“We effectively offer a profit share to our customers, encouraging improved behaviour as they benefit from taking better care. By changing the way we earn money in the business model, we fixed the conflict of interest between customer and insurer,” – JENS HARTWIG  – Co Founder

The model is currently targeting high-end bicycle owners, however, the model lends itself to a multitude of different applications, particularly high-value assets such as sporting goods, musical instruments or tech, with an ambition to grow beyond to products as personal accident, dental and other health / life solutions.

Laka has recently raised £1 million in seed funding which was led by publicly-listed Tune Protect Group, the insurance arm of the Tune group – parent of AirAsia, and early-stage investor 500 Startups. 

On the back of the investment from Tune Project Group, and a distribution partnership with AirAsia, Laka is now in the process of setting up a subsidiary in Malaysia with an expected launch date in December 2018.

Laka’s “credit-based” model, with the lack of investment income traditional insurers generate, is highly sharia-compliant, and therefore Takaful propositions are developed.

Tobias Taupitz

Tobi is the CEO & Co-founder of Laka, straightforward cycle insurance powered by the community. Prior to this, he has spent several years in Corporate Finance/ M&A, covering FinTech & Insurance clients at Barclays and KPMG.

Jens Hartwig

Jens is Co-founder and CPO of Laka, he recently launched and headed operations at Startupbootcamp InsurTech where he supported UK’s best InsurTech companies.

Ben Allen

Ben is the Co-founder and CTO. Ben has been building software teams and systems for over 17 years, delivering pioneering cloud-based services to various industries including Recruitment, Big Data Analytics, Tax and Accountancy, and FinTech.

NEWS

RAW Wealth Management Limited is licenced and regulated by the Guernsey Financial Services Commission.

RAW Wealth Management Limited is licenced and regulated by the Guernsey Financial Services Commission.

RAW Capital Partners Limited is the sister company of RAW Wealth Management Limited,
part of the RCP Holdings Limited Group.

RAW Capital Partners Limited is the sister company of RAW Wealth Management Limited, part of the RCP Holdings Limited Group.

© Raw Wealth 2018

© Raw Wealth 2018

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