Insurance based around premiums doesn't actually respond to accidents as they happen in the world, allowing insurance companies to turn massive profits with relative frequency, and 'Laka' is a new insurtech company that's using big data processing limit costs both for itself and for consumers getting coverage. The business, which is currently focused on insuring people's high-end bicycles, uses a communal model to give people comprehensive coverage while also reducing their total premiums.
Whereas most insurance companies sell insurance with set premiums, Laka's premiums are variable. The company only charges premiums when someone within the community has had an accident and made a claim, distributing the cost of that claim across the network. This means that many months of Laka's coverage will be completely free.