InsurTech Cachet is bringing the two worlds of insurance and shared mobility together. Through the use of technology and data, for automation and insight, it looks to meet the needs of both sides to build a fairer future for shared mobility users.
Cachet’s Lead Product Manager, Stéphane Denneulin, says the shared economy creates risks that insurers aren’t used to. To help, Cachet has solutions for today’s “more dynamic, more seasonal and more shared” economy.
“Insurance ranks as the biggest cost for many shared mobility operators,” says Stéphane.
“A gap between traditional insurance and shared mobility has led to generic insurance policies. These inaccuracies come from an incomplete view of real-world risks and patterns in their environment.”
Cachet, as an insurance solutions designer, works with underwriters to help them adapt. The company enables more data-driven coverage that’s fit for shared mobility operators and gig companies.
“Our goal is to reduce inequities and build trust,” Stéphane says. “Shared mobility solutions can scale effectively. Insurance partners can embrace the platform economy with more success.”
To achieve this, Cachet has built a range of technology for better insurance design. From cloud-based and AI products like Cachet Mobility, that promise simplified coverage management, to Cachet Analytics’ data systems. They offer tailored insights to improve operations and outcomes.
Cachet Mobility
Cachet Mobility is a cloud-based insurance platform. It gives shared mobility operators and ride-hailing apps control over their own insurance. Within the platform, operators can manage their insurance, risk profiles and fleet. It boosts efficiency by combining insurance options in one system and it improves policy distribution, localization, reporting, and claims management.
The result is that operators can make better decisions about their coverage and claims. As Stéphane puts it, “It helps make insurance more predictable and stable.”
Claims Control Center: Improving Transparency and Efficiency
Within Cachet Mobility, it is the expanding range of modules that adds richness to the insurance experience for operators.
Cachet’s tech means its clients can go beyond sourcing to distributing policies at scale, by giving them novel ways to enhance efficiency. The company has made significant progress with their latest feature release.
The new Claims Control Center module collects data from operators on asset usage, customers and claims patterns, helping control their insurance premiums in the long run.
Operators can log on to a single centralized hub to see their claims history, status and trends. This is so clients can track each claim’s usage, costs, and outcomes in one place.
The newest module also promises actionable insights alongside this oversight using data and visuals on paid claims, reserved amounts, claim statuses, rejection reasons, and claim categories.
“Our goal is to give operators a full view of their claims,” Stéphane says. “We will do this by providing as much data as possible along with the tools to take action, thereby reducing their costs and administrative work.”
Booking & Parking: Simplifying Shared Mobility At Scale
Cachet Mobility’s modules extend beyond insurance, helping platforms upgrade operations across their fleet. This can be seen in the way Cachet’s technology innovates in the area of booking and parking.
Here, the company’s additional modules promise to tackle key operational roadblocks. The Booking Module allows operators to manage all reservations and track fleet availability in one place. This is in addition to pay-as-you go insurance associated with each unique booking.
“We keep everything organized, accessible, and easy to oversee even at a glance.”
“Couriers are a great example of the power of these tools. With our booking model, couriers across fleets can reserve bikes instantly when and where they need them. No spreadsheets or back-and-forth emails needed. Our solutions let them stay focused on earning, not logistics.”
Stéphane tells us that it is the integrated nature of Cachet’s platform that really shines. Cachet’s technology can also track every parking session — start, end, with possible fines and billing.
“The potential of automated parking for scaling the fleet is enormous. We leave fleet managers with just one consolidated invoice for the entire fleet.”
It is easy to see the time saving benefit this simplification has as shared mobility players expand their footprint.
A European Vision
Ultimately, Cachet wants to unite the evolving landscape of shared mobility with trusted, reputable insurance.
By partnering with major European risk carriers, it aims to co-build the best cover of shared mobility with its risk management technology and pricing solutions.
The end goal is to nudge all shared mobility users towards better behaviour to positively impact safety, with the added bonus being a lower cost insurance environment for operators. This means more operators can scale sustainably to meet the growing demand in Europe.
Cachet’s certainly proving to be a trusted European partner to achieve this, with over 110,000 vehicles currently insured alongside thousands of drivers and riders.
“As we develop Cachet’s products further, we want to help ensure the insurance carrier understands the dynamics of the platform economy. Whether it’s through our claims control center or our scoring method, we’re consistently bridging the divide between these two worlds.
“That’s really where Cachet shines – through its ability to link up this new economy across Europe with the coverage needed to expand confidently.”
