Cachet is paving the way for autonomous transportation solutions!
Self-driving shuttles, which just recently were a part of science fiction, are slowly becoming a reality in our daily transport. Delivery robots and autonomous shuttles have been taken into use to make people’s lives easier. The evolution of technology is undergoing a huge process in the field of autonomous shuttles, which sets big expectations of flexibility in legalisation and for all support structures. In unfavorable conditions, even the smallest obstacles, such as insurance, which is compulsory for all road vehicles, can hamper technological development.
Big steps have been made around the world in the industry of self-driving vehicles. The Estonian company named Auve Tech has also been a part of it and has launched the world’s most compact and flexible electric self-driving minibus for the transport of last-mile, which has served passengers in Estonian streets, as well as in the Finnish and Greek cityscape. Operating on public roads has become a reality only due to the flexibility of different authorities and other support structures. Estonia, the country with the most “unicorns” per capita, has been a great example and pioneer for many other countries in the field of autonomous vehicles.
The recognition of a self-driving vehicle on making it street legal is a long process, full of specific requirements and prerequisites for the vehicle. Thereby one of the most surprising obstacles is getting insurance for the vehicle. Generally insurance companies base their risk analyzes on the history of the driver and the risk level of similar vehicles, but due to the lack of practice and experience insurers simply do not yet have this historical information on autonomous buses. A similar situation arose after the legalization of car sharing, when Bolt and Uber drivers, who drove only a few times a week, had to pay insurance fees that were meant for taxis due to the limited experience of insurance companies.
Due to the problem that occurred with the sharing economy, a company was made, named Cachet, who is providing flexible insurance solutions and stands for that insurance can keep up with the changing world. Cachet has also taken into their focus autonomous shuttles insurance problems and from now on provides the best solutions for them. “The rapid development of technology and the changing way of life are constantly creating new situations that need to be reconsidered, whether today’s operation is suitable for tomorrow as well. This is exactly the situation in the insurance world at the moment. Thanks to the unstoppable victory of self-driving vehicles, a situation has arisen where no one knows exactly who and what and how should be insured. This confusion needs solutions and that is what Catchet is offering,” said Kalle Palling, co-founder of Cachet.
“Just as we saw with the arrival of the sharing economy, the situation in the market for insuring self-driving vehicles is currently in demand due to a lack of previous experience.” explained Palling, adding that such innovative solutions also require an innovative approach from insurance. “Insuring self-driving vehicles was a very logical step for us, because we had data about when, where and for how long they drive and the behavioral nature of the vehicles. Considering that autonomous shuttles sensory is always directed at the traffic; the vehicle has traveled tens of thousands of kilometers before becoming legal on the street and is becoming smarter with each new kilometer. We are not afraid to pave the road in the insurance world” added Palling.