Being offered as a pilot product, it will help the three companies in assessing framework, before new products are released in more countries
Atlas partners with insurtech firms to offer bicycle insurance. (Credit: Pixabay/272447.)
Maltese insurer Atlas Insurance has partnered with Babel Cover and Piprate to offer fully digital bicycle insurance in Malta.
The insurance production is designed to insure bicycles of competitive cyclists, triathletes and commuters in the European Union member country.
Babel Coveran is an early stage British technology start-up engaged in developing a range of digital first inter-connected financial services products, while Piprate offers blockchain-backed data sharing platform for the insurance industry.
Atlas Insurance CEO Matthew von 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.”
The three companies will conduct live and controlled product testing
The pilot bicycle insurance product has been launched to perform live and controlled product and technology testing laying the framework for releasing new products across more countries in the future.
Atlas Insurance chief executive officer Matthew von 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.”
Employing 190 people, Atlas Group offers several insurance products such as car insurance, health & dental insurance, home insurance, business insurance, pet insurance and boat insurance services across Malta and Gozo.