Micro Insurance Company (MIC) and Bikmo are partnering to provide digital solutions to encourage Cycle to Work schemes in Austria. In this partnership, MIC brings their underwriting expertise, with the ability to create unique solutions for very specific, non-traditional use cases. Bikmo, a European-based insurtech that specializes in bicycle insurance, will control product sales as well as handle the claims process.
A Cycle to Work scheme is an initiative to promote healthier commutes to and from work while also reducing environmental pollution. It allows employers to loan bicycles (or advance a loan for the purchase of a bicycle) to employees as a tax-free benefit. It’s a win-win scenario. If employees are cycling to and from work, they'll be healthier, and thus, less likely to take sick days. It also means employers can supply less car parking spaces, which reduces their costs and is also good for the environment. Lastly, for employees looking for an alternative to public transportation post-covid, cycling to work is a good option. It keeps employees active and happy.
In an effort to further boost the attractiveness of these cycle-to-work 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, which is a great added benefit for them. It also gives peace of mind to employers, knowing that if an employee needs a repair or replacement for their bike, they are covered. In other words, 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.
Richard Leftley, EVP of Micro Insurance Company, says: “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.”
David George, CEO at Bikmo, adds: “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. We’re looking forward to working with Richard and the team as we develop this product and new initiatives.”
This collaboration between MIC and Bikmo is pedaling down a great path towards improving the lives for countless Austrians.