How Cachet Helped Bolt Bust Myths to Build Profitability

Leading change is never easy, especially when you set your sights as high as Bolt. To re-make cities around people, not cars, means a whole lot of change.

It means changing habits, with the right mobility solutions that encourage sharing. It means changing economic old operating systems. Navigating the dated assumptions coded within.

Platforms like Bolt are sometimes misunderstood, because they offer a new vision for the economy. One that people invested in the traditional economy cannot easily compute. The end result is a knowledge gap that creates a platform premium in insurance.

This is the story of how Cachet teamed up with Bolt to bust myths and unleash the potential of Bolt Drive. It’s a story of insurance, insight, and profitability.

Insurance is nothing new, and that’s exactly what’s wrong with it. As Bolt Drive expanded across Europe, they saw this firsthand. Bolt Drive provides people with the convenience of a car without the cost and hassle of owning one.

This means many drivers of the shared cars, with no defined owner and usage history. Factors that send shivers down the spine of traditional insurance providers.

So a platform premium was placed on Bolt Drive’s insurance. Higher costs resulted from an outdated risk profile. The payment model increased pressure on Bolt’s operations. Insurance providers demanded large upfront payments for all vehicles at the year’s start. This clashed with Bolt’s actual needs

It was clear that Bolt needed to better approach fleet coverage. But, it was working with a major knowledge gap with insurers used to operating in the old economy.

Cachet is custom-built for the platform economy, which means we do things differently. Cachet technology builds from the user up. We generate a rich and accurate profile around real-world user behaviour.

By making use of Cachet Mobility, Bold Drive was able to rid themselves of the platform premium. The myths that car-sharing drivers, or the shared cards, were more risky no longer held up.

Cachet technology embedded into the fleet insurance pricing and produced a range of bespoke behavioural data. That enabled us to design a fairer insurance solution. Then, we expanded the tools Bolt Drive had at their disposal to manage their fleet.

With Cachet Mobility, Bolt Drive reduced their insurance costs and unlocked unparalleled control over their fleet performance. Cachet introduced a subscription payment model. It aligned perfectly to the fleet’s unit economics. Removing the burden of the knowledge gap placed on their insurance coverage.

Cachet technology helped Bolt identify factors driving claims. It gave the tools to take action. Enabling them to put more time and money towards their mission, charge cities for the better.

In the end, Bolt Drive ditched the overpriced and unpredictable insurance. This is all because we adapt coverage to reality. We do this by assessing real habits and behaviour. Leaving no room for myths and misconceptions that can harm platform profitability.

Responding to change can be challenging. But when you partner with providers that specialise in your kind of work, the game changes. Cachet dedicates itself to empowering the platform lifestyle.

We offer a guarantee of fair, flexible coverage built around you. There’s no unpredictable and inconsistent insurance pricing. This means you operate without any extra headaches. Because we are as adaptable as platforms need to be to keep profitable in the face of change.