Invariably positives can be found in every negative situation. While the Covid-19 pandemic ground much of the economy to a halt, the knock-on effect of a mass move to home working saw an overnight reduction in the polluting commute and a surge in interest in green transport. One industry currently riding the wave is cycling, which is experiencing the emergence of its biggest trend in decades: the rapidly increasing uptake of eBikes.
eBikes can be powered by electricity as well as propelled by pedals. They offer an affordable, eco-friendly and socially distanced alternative to traditional transport. Aside from eliminating issues like emissions, time spent in congestion and high running costs, eBikes also provide a convenient and fitness-promoting mode of transport. It is widely recognised they will play a fundamental role in balancing urban sustainability with environmental responsibility.
The forecast rate of eBike growth is so high that Europeans are expected to buy an extra 10 million bikes per year by 2030 – 47% more compared to 2019. This growth will also take bike sales to more than twice the number of passenger cars currently registered per year in the EU.
With continued legislative and financial support from regional and national governments, as well as through businesses directly such as through “cycle to work” initiatives, there is a genuine necessity for funders and insurers to adapt and innovate to meet the needs of businesses and customers in this ever-evolving sector.
Acquis has responded by partnering with one of Europe’s leading equipment finance providers to deliver a best-in-class solution to support a newly launched vendor relationship with a globally renowned bicycle manufacturer. The partnership has led to the development of a specialised programme tailored to the needs of funders, vendors and customers.
Kieran Topp, Head of Product & Underwriting at Acquis says: “As the leading expert in providing innovative insurance solutions to the European finance industry, Acquis is proud to have collaborated with one of our longest-standing lessor partners to structure and implement this all-inclusive product in the Netherlands.”
“Our eBike insurance product adds a supplementary dimension of value to the funder’s finance offering. It provides customers with an all-in-one equipment insurance solution that gives best-in-class protection throughout the finance term, provides peace of mind to the funder that their equipment portfolio is afforded adequate protection, and generates opportunities to leverage additional non-interest-bearing fee revenue from the offering whilst bolstering the relationships between funders, the vendors and customers alike. We look forward to expanding this offering elsewhere within Europe and the UK in the near future.”