Saenggakdaero, BikeBank Launches Electric Bicycle Rental and 5,000 Won Daily Insurance Product

[Asia Economy Reporter Kim Bo-kyung] Delivery agency company Saenggakdaero is partnering with BikeBank, the No.1 motorcycle rental company in Korea, to launch eco-friendly delivery services.

On the 25th, the two companies announced the release of an electric bicycle rental product exclusively for delivery riders. This product, planned through discussions since last year, includes rider insurance coverage services. BikeBank plans to launch the product within this month and prioritize supplying eco-friendly electric bicycles to Saenggakdaero’s local operators and riders nationwide.

The eco-friendly bicycle 'S5' supplied by BikeBank is the latest model from LEHE. It features a battery integrated into the frame under the saddle, a 350W motor, a 10AH battery capacity, and supports IP54 waterproof and dustproof ratings. As a foldable bicycle, it is convenient for storage and loading, and its functionality is enhanced so that it can be used as a regular bicycle outside of delivery work hours.

The rider insurance supports compensation up to 10 million KRW per accident in case of accidents during delivery work, and includes additional accident insurance that pays daily hospitalization benefits if the rider is injured. Including insurance coverage, the rental fee is 5,000 KRW per day.

The two companies expect high demand from beginner riders or female drivers who may feel burdened by motorcycle operation, due to the relatively low entry barrier of bicycles combined with systematic insurance coverage advantages. They also anticipate a positive impact on rider recruitment as a long-term solution to rider attrition caused by decreased delivery demand.

A Saenggakdaero representative stated, "We plan to expand the application of eco-friendly mobility for sustainable growth." A BikeBank representative said, "We will spare no investment in developing eco-friendly electric mobility products and launching rental products," adding, "We aim to innovate the industry as a comprehensive mobility solution platform company that cares about local communities and the environment."