Cycling insurance made by cyclists for cyclists
Founder: David George
Founded: September 2014
After originally launching cycling comparison marketplace Bikmo for bike enthusiasts, an approach from Hiscox insurance led to a rather dramatic pivot for the young business – but one which appears to be paying off handsomely. With no experience in the insurance sector, self-proclaimed bike nut David George drew on his bike, development and marketing background to create a completely different model of cycling insurance to existing products.
Describing itself as “easy, simple, brilliant cycle insurance”, Bikmo Plus offers travel, competition, breakdown and multi-bike insurance, generating commission through every policy sold. George stresses that the product’s popularity to date stems from the business taking influence from the cycling community rather than existing brands, processes or technology within the insurance sector – allowing him and the team to make business decisions and branding choices that resonate with the cycling market.
As the company moves into other sectors – a strategy that will help accelerate growth further – it will take a similar approach, tailoring its model to its target customers. With £200,000 investment behind it, the next year will see Bikmo Plus put major growth ambitions into motion, either through acquisitions or organically, as part of its plans to become the dominant player in active lifestyle insurance.