ICMIF member Folksam has signed an agreement with the innovative Swedish electric motorcycle and electric moped manufacturer CAKE. The agreement extends over one year and means that CAKE can offer its customers a voluntary and favourable insurance solution from Folksam, both for private and business customers.
The agreement came into force in January 2022 and the group insurance solution that is offered today includes comprehensive moped or light motorcycle insurance that is sold online at a favourable price.
“We want to strengthen our position in mobility and accelerate the transformation of the automotive industry. The future is electric and CAKE and their products are an important piece of the puzzle on that journey, which we are happy to join,” says Josef Halldelius, Head of Business Development Business Area Business at Folksam.
CAKE sold 400 vehicles globally in 2020, has so far sold eight times that amount in 2022 and expects to sell 50,000 electric motorcycles per year within four years and 200,000 in 2030.
“We see Folksam as a reliable partner and their products live up to the high expectations our customers have for service and quality. With attractive and complete insurance, we can lower the threshold for our customers to make the decision to order our bikes,” says Stefan Ytterborn, Founder and CEO of CAKE.
Unique claims provider agreement
Folksam and CAKE are also starting a unique damage supplier agreement for repairs, which also covers the handling of totally damaged vehicles. Normally, all totalled vehicles are handled by contracted vehicle dismantlers, in order for them to be properly cared for in order to be reused and recycled in a sustainable way. In this agreement with CAKE, they have the option to buy back totalled CAKE vehicles themselves to reuse or recycle spare parts to ultimately become components in repairs or for their products through re:CAKE, CAKE’s certified pre-owned series.
CAKE is a Swedish manufacturer of light, electric motorcycles and mopeds, whose purpose is to contribute and inspire a zero-emission society. The models are currently based on three different platforms – the lightweight off-road motorcycle Kalk, the modular Ösa and the nimble commuter Makka. Thanks to an extensive range of accessories and configuration possibilities, CAKE addresses a wide matrix of users and applications, including commercial use in deliveries and other urban transport.
Since its inception, CAKE has received numerous awards and recognitions for its design and innovative approach to mobility and other societal challenges. Among other things, it has been named one of the world’s most innovative companies by Fast Company in both 2021 and 2022 and received the Time Magazine 100 most important inventions 2021 award.