Boosting trust

• Secondhand auto shoppers will get greater peace of mind with 500-backed Carousell’s new partnership with Premium Warranty Services Philippines (PWSPI). Together, they aim to make buying vehicles in the marketplace safer and more transparent.
• A PWSPI representative said that it will be providing top-quality inspection and warranty services. It will certify secondhand cars on Carousell and provide images of significant findings during the inspection process.
• Buyers can also pay a little extra to have a PWSPI engine and transmission warranty or a comprehensive warranty that covers over 200 parts.
• More details in the full article here.

Changing the gears

• Toby Taupitz wondered about a fairer insurance model with a better outcome for consumers. And so Laka, a 500-backed insurtech startup for bicycles was born.
• Instead of the traditional method of projecting the cost of coverage – and thus charging inflated prices – Laka only charges customers based on the cost of actual claims that have been taken out that month, and the fee is capped.
• “We make a small fee from every claim that we settle, almost like a success fee,” he explained. “For every successfully settled claim, we get paid. And ironically with that, the more claims we settle, the more money we earn, compared to the current insurance world that makes more money by not paying out.”
• Head of marketing Jonathan Ramm added that Laka isn’t just an insurance company. It wants to support grassroots cycling initiatives and promote the sport. Working with Olympic gold medalist Elinor Barker is part of that.
• Read the full interview here.