LONDON, Jan. 29, 2025 /PRNewswire/ — Babel Cover, a British financial engineering and insurance technology company, proudly unveils the British Motorcycle Insurance Community (BMIC), an exciting and fast-growing brand dedicated to supplying UK bikers with innovative technologies to manage financial risk. In a strategic move to enhance its offerings, BMIC has forged a powerful collaboration with Warranty Solutions Group (WSG), bringing a custom-built motorcycle warranty solution to the UK riding community.

Though a relatively young initiative, BMIC is rapidly carving a niche in the motorcycle insurance sector. With a strong commitment to offering tailored risk management solutions for bikers, BMIC is on a mission to empower riders with financial security and peace of mind.

Learn more: www.bmic.co.uk

“We are excited to establish the BMIC as a go-to brand for UK motorcyclists looking for smart, effective, and biker-centric financial products,” said Stuart King, Founder & CEO of Babel Cover. “By joining forces with Warranty Solutions Group, we’re taking another major step in transforming the way bikers manage financial risk.”

A Powerful Partnership: BMIC & Warranty Solutions Group

Warranty Solutions Group, a dynamic and fast-growing provider of motor warranties, shares BMIC’s vision of redefining financial protection for bikers. Having won multiple industry accolades, including “Warranty Provider of the Year” for three consecutive years, WSG has built a reputation for disrupting the warranty industry with its customer-centric, digital-first approach.

Simon Drown, Head of Special Products & Motorcycles at WSG, said: “We are thrilled to partner with BMIC to provide a best-in-class warranty solution for UK motorcyclists. WSG is focused on delivering value-driven products, and through this partnership, we aim to bring unparalleled peace of mind to riders.”

The BMIC Warranty, available exclusively through the BMIC, offers comprehensive protection, including coverage for bikes up to 12 years old and 50,000 miles, over 3,000 parts and labour up to £5,000 with no excess, premium breakdown coverage in the UK, and 60 days of European protection.

Learn more: www.thebmic-warranty.com

Babel Cover’s Evolution: From Cold Start to a Transformational Force

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Babel Cover has grown strategically since securing angel funding in 2018, launching a pilot with a European insurer in 2020, and attracting pre-seed investment from Söderberg & Partners to develop digital-first insurance for motorcyclists. In 2024, it secured multi-million-dollar seed financing from Markd, reinforcing its position as an insurtech disruptor. That same year, it expanded internationally by deploying digital motorcycle insurance in French Polynesia with Poe-ma Insurances.

Babel Cover Investors: A Solid Foundation for Future Growth

Babel Cover’s financial backing reflects its strong potential and credibility in the insurtech industry. With key investors such as Söderberg & Partners, a major Nordic financial services provider, and Markd, a US-based insurtech venture capital firm, the company has secured the financial strength and strategic support to drive long-term success. These investors bring not only capital but also invaluable industry expertise and a shared vision for transforming insurance through technology. As Babel Cover continues to expand, it offers a compelling opportunity for bold investors eager to be part of the future of insurance innovation.

What’s Next for Babel Cover?

As Babel Cover continues to innovate, its most ambitious venture yet is on the horizon, the launch of a radically transformative insurance-linked trading venue. By leveraging cutting-edge shared ledger technology, this platform will connect buyers, sellers, and algo-traders of insurance in a way never seen before, unlocking greater transparency, efficiency, and rewards for participants.

“The next phase of Babel Cover’s journey is all about breaking down barriers in insurance distribution and creating a hyper-connected financial ecosystem and how insurance is bought, sold and traded,” added King.

About Babel Cover

Babel Cover is a British financial engineering and insurance technology start-up that connects buyers, sellers, and algo-traders over the internet. It is the operator of an insurance-linked trading venue that enables buyers to obtain digital rewards for lower claims, fostering loyalty and efficiency in policy distribution.

Learn more: www.babelcover.com

About Warranty Solutions Group

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Since forming in March 2021, WSG has continued to grow at a phenomenal pace and today is a leading provider of extended vehicle warranties, working with over 2,500 motor dealers across the UK.  Fuelled by quality, passion and experience, the company is on a mission to continue driving up standards for vehicle buyers and setting the benchmark for other warranty providers.

WSG offers superior warranty products to vehicle buyers through its network of approved dealerships. WSG products are backed up with brilliant customer care and a range of benefits, many of which dealers and motorists won’t find anywhere else.

Learn more: www.warrantysolutionsgroup.co.uk.

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RIYADH, Saudi Arabia, Jan. 29, 2025 /PRNewswire/ — Opening the second edition of the Global Labor Market Conference (GLMC), His Excellency Ahmed bin Sulaiman Al-Rajhi, Minister of Human Resources and Social Development, emphasized Saudi Arabia’s unwavering commitment to fostering international collaboration and driving innovative solutions to address global labor market challenges. He further underscored the Kingdom’s dedication to building a future-ready workforce and ensuring inclusivity and resilience, in alignment with Vision 2030.

On the margins of the GLMC, Minister Al-Rajhi met with His Excellency Gilbert Houngbo, Director-General of the International Labour Organization (ILO), to discuss enhanced cooperation between Saudi Arabia and the ILO. A key outcome of these discussions was the signing of a framework cooperation agreement, focusing on the Junior Professional Officer and Secondment Programs. This agreement underscores the Kingdom’s commitment to aligning with global best practices and providing young professionals with valuable international training opportunities, further advancing sustainable labor market development.

Minister Al-Rajhi also held a series of high-level bilateral meetings with ministers and officials from Argentina, Kenya, Jordan, Nepal, Pakistan, and Indonesia. These discussions centered on mutual labor market challenges, strategies for building resilient economies, and preparing workforces for the future.

At the conference, the Minister set out two key initiatives including the launch of the Global Labor Market Academy in partnership with the World Bank. The Academy – based in Riyadh – will provide policymakers worldwide, particularly in middle and low-income countries, with the tools to design and implement effective labor market reforms.

The second initiative – the “Navigating Tomorrow” Report – analyzes global labor market trends, identifies key skills and outlines strategies to close skills gaps through lifelong learning and innovative public-private partnerships.

The GLMC brought together over 5,000 participants from 150 countries, including 200 international speakers, CEOs, labor ministers, policymakers, and industry experts. As a vital platform for collaboration, it facilitated the exchange of ideas, strengthened international relationships, and showcased actionable solutions to pressing labor market issues.

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RIYADH, Saudi Arabia, Jan. 29, 2025 /PRNewswire/ — The World Bank and the Global Labor Market Conference (GLMC) have struck a new three-year partnership to shape labor regulation and policy into the middle of the 21st century.

GLMC already had a strategic Knowledge Partnership with the World Bank with the new collaboration marking a major expansion of their work. Main elements include training global labor market policymakers of tomorrow and the ongoing delivery of research to provide groundbreaking insights for governments and organisations on themes including future labor market demands, employment trends, labor policy and the workforce skills development.

Upskilling Tomorrow’s Labor Market Policymakers

The World Bank’s collaboration with GLMC, a think tank for shaping real-world strategies to tackle labor market challenges, aims to produce a new vanguard of policymakers. These will primarily be drawn from nations under the World Bank mandate – equipping them with the insight, approaches, knowledge, and skills to create equitable and sustainable labor markets.

The world’s labor market is undergoing profound transformations driven by the rapid rise of the Global South and unprecedented technological advancements. Developing nations are becoming significant players in global trade, while automation and digital innovation reshape industries and economies more than ever.

As these changes accelerate, there is a growing need for policy and policymakers who can navigate the complexities of an evolving workforce and an evolving world to ensure labor regulation contributes to shared global prosperity.

Training elements will therefore include:

• GLMC Labor Academy in collaboration with the World Bank and Takamol Holding: a three-year program designed to develop the international labor market experts who will shape tomorrow’s policy across the entire labor market ecosystem, offering a platform for learning exchange across middle and low-income countries. The GLMC Labor Market Academy is a unique opportunity for policymakers to boost their personal development through access to World Bank expertise, as well as GLMC’s knowledge base and global network. The inaugural GLMC Labor Market Academy was launched in Riyadh earlier this week at the backdrop of the second edition of the GLMC. Labor market policy makers from over 26 countries came to Riyadh to join the GLMC LM Academy, hosted by the Saudi Arabia Government and taught by the World Bank experts in Labor Markets, Social Protection, Skills and Workforce Development. Going forward a cohort of policy makers emerging from the GLMC LM Academy will form an international practice of policy makers taking labor markets innovation forward.
• GLMC-World Bank Policy Labs: a dedicated platform for in-depth discussions about specific policies, instruments and programs and their importance to improve labor market outcomes and skills development. During the Second Edition of the GLMC, taking place January 29-30, 2025, two Policy Labs will be delivered, focusing on addressing youth employment challenges through Active Labor Market Programs (ALMPs) and reducing skills mismatches by supporting private sector participation in skills development through Sectorial Skills Councils (SSCs).

Commenting on GLMC’s expanded partnership with the World Bank, Safaa El Tayeb El-Kogali, World Bank Country Director for the (GCC) countries, said: “We are proud of the long-standing collaboration between the GLMC and the World Bank. Today, we are taking our partnership to a new level by jointly fostering knowledge exchange and sharing best practices with the global community. As we gather for the Second Edition of the GLMC, and look forward to many more to come, we share a mission that aims to advance innovative initiatives and comprehensive strategies to address the extraordinary shifts in the nature of work. From the rapid proliferation of AI to the urgent challenges of growing youth unemployment and the promising rise of green jobs, we at the World Bank, remain committed to shaping a more inclusive and resilient global workforce.”

Delivering Research and Insights

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Through joint research and the development of forward-thinking policies, GLMC and the World Bank’s partnership aims to ensure that all countries, especially emerging economies, can benefit from a more inclusive and dynamic global labor market.

This week, GLMC and the World Bank will release a new approach paper, Making Labor Markets Work for the Youth, which analyzed the number of inactive youth, aged 15-24, in the labor market, and looks to identify the socio-economic consequences of youth inactivity, propose a framework to prioritize interventions to improve youth labor market outcomes and provides evidence on successful global interventions.

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