Bboxx, a data-driven super platform, has partnered with insurance underwriter RADIANT YACU to introduce ‘Bboxx Protect’, a Microinsurance Product tailored for electric motorbike (EV) riders.
The initiative is designed to provide affordable insurance for EV motorbike riders, aims to offer comprehensive coverage and encourages the transition from traditional internal combustion engine (ICE) motorbikes to electric alternatives.
Bboxx Protect is designed to address the financial barriers that have historically limited access to comprehensive insurance for motorbike riders in Rwanda. Utilizing a data-backed pay-as-you-go (PAYGo) model, the product offers premiums over 40% lower than the average market rate for comprehensive insurance. This reduction translates to annual savings of up to 44% for riders, making it a viable option for those who previously relied solely on third-party coverage.
Anthony Osijo, CEO of Bboxx, stated: “With the launch of Bboxx Protect, we are doubling down on our commitment to serving existing markets while making affordable, comprehensive insurance accessible to motorbike riders who have long been underserved. By reducing financial risk and offering greater security, we’re empowering thousands of customers to protect their livelihoods while contributing to a cleaner, more sustainable future.”
Rwanda’s insurance penetration rate currently stands at less than 2%, indicating a significant portion of the population lacks financial protection. The introduction of Bboxx Protect seeks to improve this statistic by making insurance both accessible and affordable, particularly for motorbike riders—a substantial segment of the country’s workforce.
Ovia K. Tuhairwe, CEO of RADIANT YACU, commented: “Through our strategic partnership with Bboxx, we are launching a pioneering microinsurance solution designed to provide motorbike riders with the financial protection they need to confidently transition to electric vehicles. By offering affordable, comprehensive coverage specifically tailored for EVs, we are not only enabling a safer and greener economy for the future, but also addressing Rwanda’s low insurance penetration.”
The exclusive design of affordable insurance for EV motorbike riders serves as an additional incentive for riders to switch from ICE bikes to EVs. By mitigating financial risks associated with vehicle ownership and operation, the product supports Rwanda’s broader environmental goals and commitment to sustainable development.
The initial rollout of Bboxx Protect targets 1,500 customers, with plans to expand coverage to the approximately 130,000 motorbike riders nationwide who currently utilize basic third-party insurance. The comprehensive coverage includes protection against material damage, fire, third-party liabilities, life insurance, and total permanent disability.
This collaboration will make insurance more accessible to underserved communities, promoting financial inclusion and driving long-term economic growth across the country.” Ovia added
This partnership aligns with global efforts to reduce carbon emissions and promote green energy solutions. By facilitating the adoption of electric motorbikes, Bboxx and RADIANT YACU contribute to decreasing air pollution and reliance on fossil fuels in Rwanda. Moreover, the financial savings and security provided by Bboxx Protect enable riders to invest in other essential aspects of their lives, such as household welfare and family support, thereby enhancing overall quality of life.
RADIANT Yacu Microinsurance company as the underwriter, brings its expertise to manage the sale and implementation of the microinsurance product, which is locally named Bboxx Ingoboka. Following successful roll-out in Rwanda, the product can be replicated in other African markets.
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