Cachet is live in Poland!
Warsaw, 04.02.2021 – Cachet insurance marketplace for online platform workers, enters the Polish market, accelerated by the alliance between Allianz and Bolt. The partnership with Allianz brings innovative data-driven products to Polish customers. As of today, Cachet will offer MTPL insurance, carried by Allianz, dedicated to app-taxi and ride-hailing drivers of all platforms in Poland.
Cachet comes to the market as a partner for the thousands of licensed app-taxi workers cooperating with Bolt and other major ride-hailing platforms. This group has for years been forced to buy very high priced insurance but we’re here to change that – said Mateusz Litewski, Cachet General Manager for Central and Eastern Europe. Through our partnership with Allianz, one of the market leaders in motor insurance, we are able to use driver data to the driver’s advantage and offer them a policy for their professional activity.
Cachet aggregates and analyzes data of drivers to enable Allianz to better understand the behavior of the drivers and to assess their risk profile based on their individual work schedule. Following discussions and advanced modeling of data provided by app partners, Cachet and Allianz were able to jointly prepare a data-driven MTPL product that will offer taxi drivers, especially part-time drivers, the opportunity to obtain MTPL coverage.
Until now, the segment of the MTPL insurance for taxi and ride-hailing drivers was one that insurers approached very carefully. We also observed it. However, as a company that has the use of modern technological solutions written in its DNA, we decided to cooperate with Cachet. Their solution allows us for accurate risk estimation thanks to the wide access to data from taxi and ride-hailing drivers. We believe that this cooperation will open up new opportunities for entrepreneurs – says, Krzysztof Wanatowicz, Board Member, Allianz Polska
As an urban mobility platform, we want to offer the best conditions for each driver using the Bolt app, and for passengers the lowest travel costs. We are already a relatively mature organization, but we have remained a startup in the way we operate, which is why we are always looking for the best solutions like Cachet. Thanks to Cachet and data analysis, accurate risk assessment is possible and we become better available to drivers who want to find work opportunities – said Łukasz Stachowiak, Bolt Country Manager in Poland. Bolt is an Estonian startup that holds unicorn status for more than 2 years. Cooperation with Cachet in Poland is particularly important to us because we also come from the same country. We are happy to accelerate Cachet’s market entrance.
Recent changes to the Road Transportation Act have placed new requirements on drivers and ride-hailing platforms, leading to an increase in demand for taxi insurance among the drivers and more stringent verification by their partner apps. By aggregating and enriching cross-market data from the platforms to provide a unique view into gig workers’ actual work patterns, it becomes possible to sell better-priced and personalized coverage.
Today, Cachet is already used by drivers of Bolt and all other ride-hailing platforms. Taxi in its existing markets in Estonia and Latvia, with the platforms trusting the data needed to provide insurance coverage with Cachet. In Estonia, more than 30% of all drivers on the platforms have signed up for insurance via Cachet. The company plans further expansion to other markets in CEE and Nordics as well as the UK. It’s also looking to add further services catering to the sharing economy like urban mobility and vacation rental marketplaces.