Bboxx and Radiant Yacu Advance EV Adoption for 130,000 Riders with Affordable Insurance
Bboxx has introduced an insurance product, Bboxx Protect, offering comprehensive and affordable coverage for electric motorbike (EV) riders in Rwanda.
Bboxx Protect, Bboxx’s first insurance product, is set to transform the Rwandan insurance landscape by providing financial security previously out of reach for many motorbike users.
Created in collaboration with Radiant Yacu, its unique data-backed PAYGo (pay-as-you-go) model enables pricing over 40% lower than the average market rate for comprehensive insurance making it an affordable option for motorbike owners who typically rely only on third-party coverage. This innovation saves riders up to 44% on insurance costs per year, allowing them to invest in other essential aspects of their lives, such as household welfare and family support.
Bboxx Protect marks a crucial step in addressing Rwanda’s low insurance penetration, which currently stands at less than 1%, by making insurance both accessible and affordable for more people. Designed exclusively for electric motorcycles, the product provides a further incentive for riders to switch from traditional internal combustion engine (ICE) bikes, de-risking the EV transition.
“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.” Anthony Osijo, Bboxx CEO, said.
Ovia K. Tuhairwe, Radiant Yacu Insurance CEO, added “Through our strategic partnership with Bboxx, we are introducing a pioneering insurance solution that equips motorbike riders with the financial protection needed to confidently transition to electric vehicles. By offering affordable, comprehensive coverage tailored to EVs, we are not only enabling a safer and greener future, but also addressing Rwanda’s low insurance penetration. This collaboration will make insurance more accessible to underserved communities, promoting financial inclusion and driving long-term economic growth across the country.”
Bboxx Protect offers exclusive coverage for Bboxx Ride customers, including protection against material damage, fire, third-party liabilities, life insurance, and total permanent disability. The initial rollout targets 1,500 customers, with the potential to impact the 130,000 motorbike riders across the country who currently use simple third-party insurance covers.
Alongside this innovative new product, Bboxx is pioneering a new benchmark for the EV and insurance sectors by leveraging smart data monitoring and Bboxx Protect to predict and prevent road accidents. This technology reduces the likelihood of accidents, providing riders with a safer, more reliable experience. Mitigating risks through real-time insights also presents a significant advantage for insurers given the improved risk management.
Radiant Yacu Insurance, as the underwriter, brings its expertise to manage the sale and implementation of the 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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