Bboxx & Radiant Yacu Accomplice To Launch Insurance coverage Bundle For Electrical Bikes In Rwanda

By Imran Last updated Dec 18, 2024

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A primary-of-its-kind providing, Bboxx Shield, gives in depth safety to electrical bike customers and important financial savings of over 40%.

The electrical bike sector in East Africa is beginning to flourish. Kenya is the most important marketplace for bikes, with over 2 million inside combustion bikes on the highway, and we at the moment are seeing some important traction available in the market. As lately reported, “In 2023, there have been 70,691 bikes bought in Kenya. 2,557 of those had been electrical. Which means 3.6% of bikes bought in 2023 in Kenya had been electrical. That’s nearly 4%! Quickly the market share will attain the crucial 5% threshold, which is usually considered because the tipping level indicating the beginning of mass adoption. The share of electrical bikes rose to three.6% in 2023 from 2.8% in 2022 and 0.5% in 2021.”

We have now one other thrilling replace in the present day. This time from Rwanda! There at the moment are over 6,050 electrical bikes in Rwanda. Ampersand leads the best way with over 3,850 bikes in Rwanda, Spiro now has over 1,800 in Rwanda, and they’re adopted by REM, SAFI, and Amazi. There are round 150,000 bikes in Rwanda’s whole fleet of bikes, which means that 4% of all of the bikes in Rwanda at the moment are electrical, and it’s about to get even higher!

From January 1, 2025, solely electrical bikes will be registered in Rwanda. No extra new registrations of inside combustion engine bikes shall be allowed within the nation. To assist catalyse adoption of electrical bikes and encourage riders to change from their previous fossil-fueled bikes to newer electrical bikes, Bboxx, the data-driven tremendous platform, is introducing a transformative insurance coverage product, Bboxx Shield, providing complete and inexpensive protection for electrical bike riders in Rwanda.

Bboxx Shield, Bboxx’s first insurance coverage product, is about to remodel the Rwandan insurance coverage panorama by offering monetary safety beforehand out of attain for a lot of bike customers. Created in collaboration with Radiant Yacu, its distinctive data-backed PAYGo (pay-as-you-go) mannequin permits pricing over 40% decrease than the common market charge for complete insurance coverage, making it an inexpensive choice for bike homeowners who usually rely solely on third-party protection. Bboxx says this innovation saves riders as much as 44% on insurance coverage prices per 12 months, permitting them to put money into different important features of their lives, resembling family welfare and household help.

Bboxx says the brand new Bboxx Shield marks an important step in addressing Rwanda’s low insurance coverage penetration, which presently stands at lower than 1%, by making insurance coverage each accessible and inexpensive for extra individuals. Designed solely for electrical bikes, the product gives an additional incentive for riders to change from conventional inside combustion engine (ICE) bikes, de-risking the EV transition.

Anthony Osijo, Bboxx CEO, stated: “With the launch of Bboxx Shield, we’re doubling down on our dedication to serving present markets whereas making inexpensive, complete insurance coverage accessible to bike riders who’ve lengthy been underserved. By decreasing monetary threat and providing higher safety, we’re empowering 1000’s of consumers to guard their livelihoods whereas contributing to a cleaner, extra sustainable future.”

Ovia Ok. Tuhairwe, Radiant Yacu Insurance coverage CEO, stated: “By way of our strategic partnership with Bboxx, we’re introducing a pioneering insurance coverage answer that equips bike riders with the monetary safety wanted to confidently transition to electrical automobiles. By providing inexpensive, complete protection tailor-made to EVs, we aren’t solely enabling a safer and greener future, but additionally addressing Rwanda’s low insurance coverage penetration. This collaboration will make insurance coverage extra accessible to underserved communities, selling monetary inclusion and driving long-term financial progress throughout the nation.”

Bboxx Shield gives unique protection for Bboxx Experience clients, together with safety in opposition to materials harm, hearth, third-party liabilities, life insurance coverage, and complete everlasting incapacity. The preliminary rollout targets 1,500 clients, with the potential to impression the 150,000 bike riders throughout the nation who presently use easy third-party insurance coverage protection.

Alongside this progressive new product, Bboxx is pioneering a brand new benchmark for the EV and insurance coverage sectors by leveraging sensible information monitoring and Bboxx Shield to foretell and stop highway accidents. This know-how reduces the probability of accidents, offering riders with a safer, extra dependable expertise. Mitigating dangers by way of real-time insights additionally presents a big benefit for insurers given the improved threat administration.

Because the market share of electrical bikes begins to develop in East Africa, it’s nice to see EV-focused merchandise being launched resembling this new Bboxx Shield. 2024 seems to be the 12 months that electrical bike corporations in East Africa actually began to scale. These corporations are setting as much as ramp up manufacturing once more in 2025. It seems to be like 2025 goes to be even higher.

Pictures courtesy of Bboxx