If there ever was a company or product created “by cyclists for cyclists”, Sundays Insurance comes VERY close to hitting the nail on the head!
Sundays Insurance is the leading provider of cyclist insurance in the world. The company was founded in 2008 in Australia, under the original Velosure brand. Today the business operates under multiple brands in the USA, the UK and Australia, distributing insurance through amazing partners like Strava, Wiggle and Chain Reaction Cycles.
Sundays has brought CN&CO on board to assist with content creation across all territories as well as PR and social media strategy and execution.
“Our partnership with Sundays perfectly illustrates the power of relationships and shows exactly how small the world is,” says CN&CO’s Carel Nolte. “Even though the product is not sold in South Africa at this point in time, the business was started by a group of South Africans who today are based all over the world. Leveraging off our long-standing relationships with the Sundays Insurance founders, we have been brought in to assist the company in delivering on its global marketing and communication strategy.
“We are excited to play a role in growing the brand and getting to know all the ins and outs of the cycling world.”
Everyone on the Sundays team has a real love for everything that involves a bicycle and this really sets them apart from the pack.
To start a cyclist insurance business was an idea that the founders of Sundays Insurance took to heart. They love to ride their bikes and could not find insurance on the market that covered their needs adequately.
So, what is the gap in the market that the Sunday’s team has identified and what makes “cyclist insurance” different from insuring your bicycle under your general household insurance policy? Simply put, bicycle insurance covers theft or damage to a bike and is usually taken out as part of a householders policy. The Sundays offering is much broader, including transit, personal injury, loss of race fees, personal liability and a host of other features. Plus it’s available as a stand-alone insurance product.
If you want a full breakdown of some of the differences, you can find them on the Sundays Insurance website here.
What is the value of specialised/niche insurance?
The value is of this insurance model needs to be looked at both from a customer and insurance broker’s viewpoint.
Let’s start with the customer. Even if you aren’t a serious cyclists, you will know that cycling is an expensive hobby and that all the equipment adds up to a sizeable chunk of change. Because cyclist insurance from Sundays was created “by cyclists for cyclists” you can be sure that they have thought of – if not experienced – all of the scenarios that a cyclist would need insurance cover for.
From a broker standpoint, being able to offer specialised cyclist insurance immediately is a definite USP. The reason for this is really quite simple – you are providing a better service to your client, ensuring that they have access to the best cover for their specific requirements. The niche insurance market also allows for brokers to specialise in providing cover in certain sectors of the ever expanding insurance industry.
Although not available in South Africa, the Sundays Insurance connection with our country is strong and we wouldn’t be surprised to hear an announcement soon. And who knows, we might even get Carel riding a bicycle in the not too distant future!