- First-of-its-kind offering, Bboxx Protect, offers extensive protection to EV motorbike users and significant savings of over 40%
- Partnership with underwriter RADIANT YACU to impact 130,000 motorbike riders across Rwanda, encouraging a switch from traditional internal combustion engine to EVs, supporting a green transition
- New insurance model set to increase insurance penetration in Rwanda, promoting financial inclusion and economic development
Kigali, 17 December 2024 – Bboxx, the data-driven super platform, is introducing a transformative microinsurance product, Bboxx Protect, offering comprehensive and affordable coverage for electric motorbike (EV) riders in Rwanda.
Bboxx Protect, Bboxx’s first microinsurance 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 2%, 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.
Anthony Osijo, Bboxx CEO, said:
“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.”
Ovia K. TUHAIRWE, RADIANT YACU CEO, said:
“Through our strategic partnership with Bboxx, we are launching a pioneering microinsurance solution designed to provide motorbike riders with the financial protection they need to confidently transition to electric vehicles. By offering affordable, comprehensive coverage specifically tailored for EVs, we are not only enabling a safer and greener economy for the 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 Microinsurance company as the underwriter, brings its expertise to manage the sale and implementation of the microinsurance product, which is locally named Bboxx Ingoboka. Following successful roll-out in Rwanda, the product can be replicated in other African markets.
ENDS
Notes to Editors
About Bboxx:
Bboxx is a data-driven super platform, transforming lives and unlocking potential by connecting consumers and deploying innovative products across Africa.
Headquartered in Rwanda, Bboxx is championing the economic empowerment of Africa, accelerating the transition to the digital economy, and creating new markets. We have built Bboxx Pulse®, a fully integrated operating system, and combined it with an extensive on-the-ground network to connect customers with clean energy, clean cooking, smartphones, e-mobility and selected financial products – many for the first time.
We are connecting both underserved rural communities and aspiring urban ones with a highly convenient and affordable way to access life-changing solutions, through last mile logistics and data-powered innovative financing methods. We offer our services on a pay-as-you-go basis to households, businesses, and communities, enabling African consumers to unlock their potential.
We build strategic partnerships with investors, utilities providers, global companies, and governments to accelerate growth and provide a wide range of products to consumers in Africa. Our partners are seizing a massive market opportunity by plugging into Bboxx – developed through green tech and big data and designed for scale.
Following the successful acquisition of solar energy frontrunner PEG Africa in 2022, Bboxx is now positively impacting the lives of more than 3.9 million people in 10 operating markets, directly contributing to 12 of the 17 United Nations Sustainable Development Goals. Bboxx and its group of companies is one of the largest networks in Africa, with over 4,000 staff across Africa and offices in the UK and Asia.
For more information about Bboxx please visit bboxx.com and follow us on social channels LinkedIn and Twitter.
About RADIANT Yacu :
RADIANT Yacu Ltd is a Dedicated Microinsurance Company motivated by the drive to help the people of Rwanda secure better lives and future by helping them mitigate the impact of financial loses that arise from insurable risks that confront them. Focus on our clients’ well-being is core in our business and we do this by investing in understanding our clients’ needs before any investments in product design and delivery.
For more information please contact:
Bboxx / Impact and Influence
Email: bboxx@impactandinfluence.global
Contact:
Nicholas Moore
nicholas@impactandinfluence.global
+44 7527 695154
