Roamly Unveils Innovative AI-Driven Carshare Insurance Platform
Roamly's Launch of AI-Enhanced Carshare Insurance
Roamly is making significant strides in digital specialty insurance with the introduction of its AI-powered carshare insurance platform. This innovative solution caters to the evolving demands of the mobility and shared vehicle economies. The launch comes in the wake of Roamly being designated as a Lloyd's of London Coverholder, coupled with receiving the Celent Innovation Award for its unique AI-driven Actuarial Rater™.
Seamless Integration with the Mobility Ecosystem
The Roamly carshare insurance platform is specifically engineered to integrate effortlessly with marketplaces, fleet operators, mobility service providers, and transportation networks. By utilizing advanced machine learning, telematics, and both generative and agentic AI, the platform streamlines the underwriting process, automates claims, and offers precise risk solutions. Its API-first architecture allows for no-code integration, embedding insurance directly into booking, checkout, and fleet management processes, enabling operators to function more efficiently and expand profitability.
First of Its Kind in Commercial Vehicle Insurance
The launch of the Roamly carshare platform represents a pioneering effort, marking the first instance of commercial vehicle insurance being embedded in a fleet rental management software tool. This empowers operators to manage bookings directly, handle varying fleet sizes across multiple locations, and retain a larger portion of their revenue. Currently, Roamly's carshare solution covers about 7,000 vehicles nationwide, with plans to increase this number to over 12,000 by the end of the forthcoming year. The platform supports both carsharing and ridesharing applications, catering to diverse business models.
Highlighted Features of Roamly Carshare
- Direct Booking for Enhanced Revenue: The carshare insurance is integrated into Wheelbase®, Roamly's SaaS fleet management system, allowing operators to secure bookings through their branded websites while also listing on third-party platforms.
- Scalability and Compliance: Policies are designed to be adaptable to different fleet sizes, geographical areas, and usage trends, ensuring adherence to state insurance regulations without resorting to traditional, costly commercial insurance packages.
- Comprehensive Coverage: The insurance protection extends not only during active use but also when vehicles are parked or being used personally, including usage for rideshare platforms like Uber and Lyft.
Jeff Cavins, the CEO of Roamly, shared insights on the challenges faced by shared mobility operators. "Insurance has long been a significant burden for operators, often representing their largest expense. Our AI-powered carshare solution dismantles this obstacle by offering scalable and affordable insurance coverage, fostering growth and ensuring consumer protection in the marketplace economy. We anticipate the carshare product will generate over $12 million in premium this year," Cavins stated.
Empowering Customers with Enhanced Control
Roamly's carshare insurance facilitates greater autonomy for fleet owners, helping them grow their businesses as they see fit. The integrated insurance provides an additional revenue stream vital for expansion.
"Roamly Carshare has been transformative for scaling my business," noted Natalia Zorina, the President of GM Luxe. "The integrated insurance offers me operational control, increases margins, and enhances the customer experience. It's both seamless and effective, a favorite among both my customers and myself."
Sean Cohen from FYV Co., which operates six luxury auto locations, framed the embedded insurance as a groundbreaking approach in fleet operations: "Roamly is redefining the car rental experience," he explained.
Justin Pappan, who operates EV Access and Dryve It in Phoenix, elaborated on the significant shift Roamly Carshare has facilitated for their operations. "Before Roamly, insurance was our greatest challenge in scaling. Now we're able to onboard vehicles swiftly, protect our assets affordably, and provide our clients with exceptional service—insurance has become a fundamental component of our growth engine," he said.
Expanding Horizons as a Lloyd's Coverholder
Roamly's recent designation as a Lloyd's Coverholder enhances its capabilities by granting access to premier global specialty insurance markets, enabling the firm to innovate and distribute unique insurance products worldwide while managing risk directly with Lloyd's balance sheet.
"We are devoted to creating integrated, AI-enabled insurance solutions that adapt alongside the fast-paced mobility landscape," asserted Aaron Ammar, Roamly's Chief Insurance Officer. With the launch of the carshare insurance, alongside their recent Lloyd's appointment and Celent's acknowledgment of their pioneering technology, Roamly is positioned to take a leading role in insurance innovation and execution.
About Roamly
As a trailblazer in specialty insurance solutions, Roamly delivers tailored offerings designed for today's mobility and digital marketplace economy. As a Lloyd's Coverholder and an AI-driven insurance innovator, Roamly supports the growth of a vibrant network for consumers and fleet operators. Their technology leverages AI and extensive automation to deliver customizable coverage for recreational vehicles, car sharing, and various emerging mobility solutions, streamlining processes from underwriting to claims management. With a strong footprint in North America and expansion plans in Europe, Roamly is committed to evolving with the unique needs of specialized vehicle owners and operators, maintaining its focus on operational excellence and innovation.
Frequently Asked Questions
1. What is the Roamly Carshare insurance platform?
It is an AI-powered insurance solution designed to meet the needs of the mobility and shared vehicle economies, integrating with various operators and platforms.
2. How does Roamly Carshare insurance benefit fleet operators?
It offers seamless integration, scalability, and compliance, allowing operators to manage their fleets more effectively and profitably.
3. What unique features does Roamly Carshare offer?
Key features include direct booking capabilities, multi-use coverage, and scalable policies tailored to fleet size and usage.
4. How does Roamly leverage AI in its insurance solutions?
Roamly utilizes machine learning and generative AI to improve underwriting processes and automate claims efficiently.
5. What recognition has Roamly received recently?
Roamly was appointed as a Lloyd's of London Coverholder and won the Celent Innovation Award for its cutting-edge insurance technology.
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