The specialist cycling insurer, designed by cyclists, for cyclists
Founder: David George
Founded: November 2011 (launched September 2014)
When former Startups diary columnist David George was asked to develop a insurance product for bike nuts like himself, his complete lack of experience in the insurance sector, combined with a background in development and marketing led to the creation of a truly unique insurance model developed specially for cyclists.
It became Startups 100-listed Bikmo plus: “easy and simple” cycle insurance covering everything from bikes to kit and accessories, with competition and travel cover included as standard. The insurer’s bike-focused policies include no depreciation on bikes of any age, a 50% discount for cyclists with multiple bikes and up to £150 breakdown cover. The company generates commission on every policy sold through the website, incentivising its existing users to recommend friends and fellow cyclists. Projecting to hit nearly £800,000 in revenues for 2016 and with decent profits to boot, Bikmo is gearing up for “big growth” through company acquisition and by securing new customers in the future.
By the end of the year, the company expects to have sold its first policy in Germany and will be working with another two governing bodies for cycling. While he may face some competition from fellow bike insurer and Startups 100-listing PedalCover, ultimately, George says his ambition is to become the leading European active lifestyle insurer by 2020.