ITC DIA Europe

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

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Dec 2, 2019

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. 


Cachet is the first “trustee platform” that aggregates data from all competing mobility platforms, to get better pricing for the ride-hailing drivers and allow them to be flexible in choosing where to drive and where to buy insurance coverage.

  • Aggregating real time ride-hailing service-related data from different platforms
  • Application communicating with drivers, sending notifications if they’re crossing the weekly/monthly limits
  • Driver behavioral Data pattern/score, shared with the insurance company
    Comfortable claim handling, if an accident should happen

How it works

Uber drivers can pay respectively to the hours they drive as a ridesharing service provider and not while being offline. That is possible thanks for Cachet

It is easy:

  1. Start driving. Once you do, register a Cachet account
  2. Agree to share additional information from the driving platform with Cachet
  3. Pick a term for the policy
  4. Write down roughly how many hours a week you usually provide ride-hailing services
  5. Purchase an insurance policy through Cachet

Why we selected CACHET for DIA Munich
The Estonian startup boost the sharing economy by enabling personalized insurance, which takes into account lifestyle, individual car usage and driving habits.

At DIA Munich the founders Hedi Mardisoo and Kalle Palling: Co- founder demonstrated their usage-based insurance platform.

Check out their live demo here:

Who is Cachet?
Cachet is founded in 2018 by Hedi Mardisoo, CEO and Kalle Palling in Estonia.
Key Partners are Bolt; Uber; Yandex.Taxi and BTA Insurance (a Vienna Insurance Group Company).
Investors: Lemonade Stand- an Estonian angel fund

Hedi Mardisoo: CEO/Co-Founder With more than 15 years of experience at the intersection of technology, communication, and business development. She has a proven track record in managing international teams in various sizes and types of organizations. 5years in ERP software b2b sales/marketing, 9years in a bank (Swedbank), 2y start-up consulting.

Kalle Palling: Sales/ CO-Founder – With more than 12 years of experience in being a Member of Parliament of Estonia, he knows how hard it is to fit new products to current regulations. He was a responsible MP to work out a framework and regulation for platforms like Uber and Bolt to operate by the book. Now many countries have used Estonia’s regulation as an example. After 12 years in Parliament, he decided to leave an found a startup himself. Still to make the world better. But faster and in many countries at the same time.

” Insurance is a win-win business where a person should be given a more significant role and flexibility in their insurance pricing. How many hours of service they provide, when, where, how they drive, take care of their health, property etc. In return for the data shared, we can help to predict and via education help to minimize the likelihood of an incident.” Hedi Mardisoo, CEO/Co-Founder Cachet​

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