Lokky provides a digital insurance platform that utilizes an algorithm to generate customized insurance policies for small businesses, professionals, and freelancers in under ten minutes. This service addresses the need for tailored coverage by allowing users to select only the necessary protections, ensuring they pay only for what they require.
Funding
$5M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Small businesses, professionals, and freelancers often face challenges in securing tailored insurance coverage that precisely matches their unique operational needs. Traditional insurance procurement methods can be time-consuming, complex, and may result in over- or under-insured scenarios, leading to unnecessary expenses or inadequate protection.
Solution
Lokky is a digital insurance intermediary that provides customized insurance solutions for small businesses, professionals, and freelancers. Its platform uses a proprietary algorithm to analyze user-provided information and generate personalized insurance policies in minutes. By focusing on individual business requirements, Lokky enables users to select only the necessary protections and avoid paying for irrelevant coverage. The platform offers a range of insurance products, including professional liability, business interruption, cyber risk, and property insurance, sourced from a network of established insurance carriers. Lokky streamlines the insurance process through an entirely digital experience, from quote generation to policy management.
Target Audience
Lokky primarily targets small businesses, independent professionals (e.g., architects, engineers, doctors), and freelancers across various sectors seeking tailored and cost-effective insurance coverage.
Features
- AI-powered algorithm for generating customized insurance policies based on specific business needs
- Digital platform providing instant quotes and policy issuance in under 10 minutes
- Modular coverage options allowing users to select only the necessary protections
- Wide range of insurance products, including professional liability, cyber risk, and business interruption
- Partnerships with multiple established insurance carriers
- Online policy management portal for easy access to policy documents and support
- Dedicated customer service team available via phone and email
- Secure data encryption and privacy protocols to protect user information