Baltic, Estonia, Financial Services, Good for Business, Innovations, Insurance, Internet, Latvia
International Internet Magazine. Baltic States news & analytics
Friday, 26.04.2024, 05:18
Digital insurance platform Cachet first to enter the Latvian market
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 Gunārs Faļkovskis, BTA
Motor Insurance Product Manager.
A significant
proportion of the drivers providing ride-hailing services are only doing it
part-time to generate additional income, not as their primary full-time job.
However, even drivers provide part-time ride-hailing services, for example,
less than 25 hours a week, still need to change their regular car insurance
policy to one suited for a professional taxi driver, which significantly
increases the cost for the user.
Cachet has solved this
problem by ensuring that when the vehicle is used for both private and taxi
purposes, the cost of insurance is determined taking into account that the
vehicle is not used to provide full-time taxi services and the drivers can
qualify for the premium policy calculated accordingly. As Cachet is moving
forward and always looking for new solutions, the next step will be added
possibility to impact MTPL price by the driver.
BTA Baltic Insurance Company is one of the leading insurance companies in the Baltics, offering the broadest range of non-life insurance services in Latvia, Lithuania and Estonia. BTA employs more than 1,000 employees in the Baltics. The largest shareholder of BTA is Vienna Insurance Group AG.
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