Hong Kong's First Microinsurance Tailored for Cyclists BYKE Pro by YAS MicroInsurance

(Hong Kong, 20th October, 2021) Hong Kong people are passionate about cycling in recent years. Since there is a lack of insurance products that can fully cover the sports journey of cyclists, YAS MicroInsurance officially launches the first tailor-made cycling microinsurance product today, called BYKE Pro. It is a brand new product that makes history again after launching the first passenger microinsurance products, RYDE with YAS and BUS RYDE with KMB a few months ago. YAS hopes to further promote the sport to the public while providing adequate insurance coverage for cyclists.

3 Types of Full Coverage: Cover for Cyclists and Bikes

Although bikes and vehicles are both road users, people tend to disregard the coverage of riding bikes. While there is a sufficient supply of insurance products for car drivers, only a small amount of non-mandatory third-party insurance covers cyclists and bikes in Hong Kong. BYKE Pro was therefore born for cyclists. Developed by YAS MicroInsurance and Assicurazioni Generali S.p.A. – Hong Kong Branch, BYKE Pro provides protection for both cyclists and bikes, not only for accidental medical expenses, but also damage and theft of bikes, with coverage up to HK$15,000, HK$10,000 and HK$10,000 respectively. For cyclists who treasure their precious road bike, BYKE Pro undoubtedly helps them be more ​​prepared for the unexpected. In fact, the cover of bike theft truly fits the need of cyclists and reduces their fear when dining in restaurants while the bike is parked outside, even if it's locked already.

6 Hours Per Rides with Total 19 Routes Costs only 2 Bottles of Mineral Water

By collecting opinions from all cyclists in Hong Kong, BYKE Pro lays out a number of popular cycling routes and through GPS, tracks real-time location. BYKE Pro currently covers a total of 19 popular roads or bike routes in Hong Kong, including Lantau Island, Hong Kong Island, Sai Kung, New Territories, etc. with a total length of up to 1,000 km.

Cyclists can register as a YAS member in the APP, upload their road bike’s photo, and complete a simple registration form to activate BYKE Pro. They can then purchase a 10-ride package in the APP and start their ride with up to 6 hours of immediate coverage one by one. Each ride costs only HK$38, which is merely about 2 bottles of mineral water.

YAS x Rapha 50 Miles Challenge

YAS and Rapha Cycling Club wants to be there for the cyclists, protecting every second of their expeditions on two wheels, so they can worry less while riding and focus more on turning those pedals. The YAS x Rapha 50 Miles Challenge gives them more reasons to take on the ride with the opportunity of winning up to US$100 Rapha Gift Card.

From now until 31st December 2021, by completing the 4 steps below, cyclists can earn a US$50 Rapha Gift Card. Not only that, there's another US$50 Rapha Gift card up for grabs for the top 3 photo/video submissions from this challenge.

1. Download and Register

Download the YAS MicroInsurance App and register as a YAS member to discover products that stand by your side every step of your daily lives.

2. 50 Miles Challenge

Cycle for at least 50 miles or more (in one go or cumulatively) at the designated cycling routes (provide screenshots of the ride activity from the Strava app or other sport-tracking apps)

3. Snap Photos

Share the beautiful views along your ride with us. (Provide at least 10 photos or 1 video that is not less than 1 min)

4. Complete the Survey

Your cycling experience matters to us. Share your thoughts so we can add product features tailored to your specific needs.

More info: https://yas.io/hk/lab/byke-pro-50-miles-challenge-en/

Road cyclists: No Fear of Challenges

BYKE PRO was fortunate to be tried by many professional and amateur road cyclists one month before the official launch, and the feedback was all positive. With all-round protection, cyclists can be more carefree, pursue ultimate performance, and enjoy the pleasure of speed and scenery along the way.

Many people say that falling off a road bike is a record, it’s odd if you never tried. But my family is still worried about me having an accident every time. With BYKE Pro, my family can be less worried, and I won’t be afraid that my bike will be scrapped due to an accident.” said Mr. Andy Ann, the founder of YAS MicroInsurance, who is also a road cyclist.

Trivia of Cycling Rules
Although BYKE Pro provides multiple protections which can help the cyclists be more carefree, there are actually many little-known cycling rules in Hong Kong that need to be aware of. The following are a few common misunderstandings:

1. Bringing bicycles into country parks and special areas without permission
   If a cyclist passes through a country park, he/she must not bring his/her bicycle into the country park in any way, otherwise he/she may be issued a ticket.
2. Towing any other bikes
   Suppose that a fellow rider breaks his bike. If he holds the handle in one hand and holds another’s bike with the other hand, then he has inadvertently violated the law.
3. Riding side by side
   According to the rules, except for overtaking, the team must move forward in one row. Therefore, even if you want to chat with your companions, you still have to avoid paralleling with your companions.
4. Carrying people
   Unlike motorcycles, the law stipulates that we cannot carry people with our bikes.
5. Free your both hands from the handle
   From the moment you start cycling, you need to have at least one hand holding the handle. The gesture of celebrating with both hands free from the handle when crossing the line in the Tour de France is actually forbidden in the provisions of Hong Kong law.

Coverage Details of BYKE Pro

BYKE Pro is underwritten by Assicurazioni Generali S.p.A – Hong Kong Branch.

YAS is a leading microinsurance and technology company headquartered in Hong Kong with operations in Vietnam and expanding in the Asia Region. Their vision is to enable and embed insurance into the daily moments for everyone, anywhere, anytime and to build a future of insurance that has no wastage, optimized, streamable, sharable and on-demand.

YAS MicroInsurance makes use of innovative technology such as blockchain, Open API, AI, GPS to provide a 21st-century insurance experience to customers. YAS is backed by reputable investors such as 500 startups and Beyond Ventures. They have a roadmap coming to Malaysia, Vietnam, India, the Greater Bay Area of China and the rest of Asia.

YAS MicroInsurance Website：https://yas.io

YAS MicroInsurance APP：

iOS: http://bit.ly/YASios

Android: http://bit.ly/YASandroid

About Generali Hong Kong

Since the 1970s, Generali Hong Kong has enabled people to shape a safer future by caring for their lives and dreams. Over the years, we focus on understanding the specific and unique requirements of our customers. This serves as the core of our action in providing solutions to meet our customers changing needs. With our extensive distribution network and partnership with our intermediaries and a combination of our local knowledge with Generali Group’s global network and experience, we develop unique, innovative, simple, and flexible financial solutions for our customers.

Generali and Generali Hong Kong refers to Assicurazioni Generali S.p.A – Hong Kong Branch and Generali Life (Hong Kong) Limited.

generali.com.hk

For media Enquiries, please contact:

Foxy Tang | +852 9650 3493 | foxy.tang@yas.io or pr@yas.io