Joy Agwunobi
Bboxx, an innovative data-driven platform, has partnered with Radiant Yacu, a leading insurance provider, to introduce Bboxx Protect, a game-changing microinsurance product designed to offer affordable, comprehensive coverage for electric motorbike (EV) riders in Rwanda.
This initiative targets 130,000 motorbike riders across the country and aims to alleviate the financial challenges associated with transitioning from traditional internal combustion engine bikes to electric vehicles, while ensuring crucial protection for motorbike owners.
Bboxx Protect stands out due to its affordability, with a pay-as-you-go (PAYGo) model that reduces insurance premiums by more than 40 per cent compared to the market average. This makes it an ideal option for motorbike owners, many of whom previously only had access to basic third-party coverage. According to Bboxx, the product can save riders up to 44 per cent annually on insurance costs, enabling them to invest in other essential aspects of their lives, such as family welfare and household needs.
The product provides exclusive coverage for Bboxx Ride customers and includes protection against material damage, fire, third-party liabilities, life insurance, and total permanent disability. While the initial rollout targets 1,500 riders, the long-term goal is to expand coverage to 130,000 motorbike riders across Rwanda who are currently relying on basic third-party insurance.
Alongside offering affordable insurance, Bboxx noted that the Bboxx Protect introduces a cutting-edge feature: smart data monitoring. By leveraging technology to predict and prevent road accidents, this feature aims to reduce accident rates, offering riders a safer and more reliable experience.This data-driven approach not only benefits the riders but also allows insurers to better manage risks through real-time insights.
The partnership with Radiant Yacu brings crucial expertise in the management and implementation of microinsurance solutions. As the underwriter of Bboxx Protect, Radiant Yacu will play a pivotal role in the distribution and support of the product, locally known as Bboxx Ingoboka. The company also highlighted that this collaboration is a significant step in addressing Rwanda’s low insurance penetration, which currently stands at less than 2 per cent.
Anthony Osijo, CEO of Bboxx, emphasised the company’s strengthened commitment to its markets with the introduction of Bboxx Protect. He stated, “With the launch of Bboxx Protect, we are reinforcing our dedication to existing markets while ensuring affordable and comprehensive insurance for motorbike riders, a group that has long been overlooked.”
According to Osijo, “By reducing financial risks and providing enhanced security, we are empowering thousands to safeguard their livelihoods, while contributing to a cleaner and more sustainable future.”
Ovia K. Tuhairwe, CEO of Radiant Yacu, highlighted the significance of their strategic partnership with Bboxx, noting, “Through our collaboration, we are introducing a groundbreaking microinsurance solution that equips motorbike riders with the financial protection they need as they transition to electric vehicles. This affordable, tailored insurance not only fosters a safer, greener economy, but also tackles Rwanda’s low insurance penetration. Our partnership will increase accessibility to insurance for underserved communities, drive financial inclusion, and contribute to long-term economic growth across the country.”
