This solution will allow Bolt and Yandex Taxi ride-sharing service providers, that drive part-time, to receive an insurance offer based on the actual hours they spend providing the service.
Cachet has managed to solve one of the hardest challenges for ride-hailing platforms like Bolt and Yandex Taxi provide affordable and easy to get insurance for their drivers. Until now, there has not been a solution in Latvia providing a personalized approach to issuing MTPL insurance policies. Cachet offers customers an insurance policy that is financially suitable for their vehicle usage. Insurance services were developed and will be provided in cooperation with the BTA insurance.
“Ride-hailing is by far the fastest-growing of all the segments on the online mobility services market, but insurance has not been so quick to keep up. There is a lot of complexity due to drivers being more likely to use their car for both personal and business use, for various periods of time, at inconsistent hours and using multiple ride-hailing platforms at the same time in order to provide service. That is where Cachet in cooperation with BTA comes into play,” explains Hedi Mardisoo CEO & Co-founder of Cachet.
“This partnership with Cachet started six months ago and was launched to offer MTPL and CASCO insurance for drivers who use their vehicle not only for private purposes but also partly as a taxi. Given the fact that the full taxi risk compared to the daily drivers is three times higher, the premium is estimated significantly higher and for the routinely drivers it should be calculated using the actual hours spent driving and based on the region where the vehicle is being used as a taxi. Currently, in Latvia such service is offered only by BTA in cooperation with Cachet and in the near future it is planned to supplement additional indicators for the premium in order to determine the MTPL premium according to the driver’s behaviour on the road,” expresses Gun, BTA Motor Insurance Product Manager.
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