Laka will provide a platform turning insurance as we know it on its head. Laka aims to reverse the trust relationship with retail customers by only earning fees when acting in their best interests, settling claims. There are no upfront payments or premiums, instead at the end of each month claims are settled for a group (risk pool). Thus, the consumer has confidence that the maximum they will ever pay will be the same as a traditional insurance policy but if claims performance is better than expected everyone will share in that improvement. Consumers are also incentivised to behave in the right way, reducing the number of claims.Laka plan to scale up their business model over time. Initially, offering insurance coverage for single‐products (starting with bicycles) as a way of building customer awareness and to obtain regulatory approval. The second stage is to add pet insurance and over the longer term adding more complex products, incl. travel insurance. A unique solution that encourages the right behavior, thereby reducing claims costs whilst aligning interests of insurers and customers for the first time.