British technology start-up Babel Cover has joined forces with Maltese insurer Atlas and emerging technology firm Piprate to release a fully digital insurance product for bicycle.
The new policy is part of Babel’s upcoming digital first inter-connected financial services products. It will insure the bicycles of competitive cyclists, triathletes and commuters of Malta in the pilot phase.
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The team intends to carry out this new live and controlled product and technology testing as a framework for release of new products and more countries.
Atlas Insurance CEO Matthew Brockdorff said: “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.”
Babel Cover founder and CEO Stuart King said: “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.”
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By GlobalDataPiprate founder and CEO Stan Nazarenko said: “This collaboration is an important milestone towards Piprate’s objective of providing a seamless, privacy-conscious way of exchanging insurance data.
“We are delighted to be a part of Babel Cover’s vision and the heightened attention on data protection, transparency and operational efficiency.”
