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Cachet: usage-based insurance platform and a wallet for gig economy participants

Estonian startup Cachet is a consumption-based insurance platform and wallet, focusing on gig economy service providers. Cachet is a platform that works based on the b2b2c model. They onboard customers and sell them policies, issued together with their Insurance partner BTA, Vienna Group. What makes them unique is the b2b, where they act as a trustee between sharing economy platforms and insurance provider(s). With consent received from the customer, they aggregate together the data from all the sharing economy platforms providing service in the market around and using that to allow insurance companies to provide get better and flexible priced products via their platform.

Why do all drivers pay the same amount for insurance?
Even though, some of them only drive a couple times a week. Today, with thousands of partner-drivers on the ridesharing market, almost half of them are driving part-time. That has caused a situation where pricing is unfair for the one who drive part-time, next to their main job, or are driving on multiple ride-sharing platforms. Cachet has partnered with Uber to solve this problem and has come up with an innovative insurance offer that considers drivers hours on the road while offering the service, not while being offline.

At Cachet they believe that a person should own and benefit more from their digital footprint/data. Persons insurance history, usage behavior and such should work more for, not only against in coverage pricing. Cachet is building a unique Cachet data pattern for each customer, which is visible to them and for the insurance company. Cachet offers flexible insurance products for sharing and gig economy workers.

The startup launched in Estonia the Cachet platform with 4 products: traffic and casco insurance for ridesharing driver & traffic and casco insurance for regular customers. By the end of the year they plan to launch in Latvia and mid 2020 also in Poland. They cooperate with BTA, an insurance company owned by Vienna Insurance Group. Their first customers included Bolt, Uber, and Yandex.Taxi drivers.

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