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Sharelock - The secret behind the launch France’s Bicycle Insurance champion




March 31, 2023

Case overview

Sharelock - The secret behind the launch France’s Bicycle Insurance champion

Client Overview

Sharelock has set itself the mission of massively unlocking the use of bicycles, specifically addressing the fear of theft. To do so, the insurtech offers an insurance offer dedicated to cyclists protecting them in their practice, as well as a network of connected locks securing bicycles while parked. And it is working. Today 36% of insured cyclists claim to do more cycling thanks to the insurance, a figure that rises to 49% for Sharelock application users.

Following a fundraising of 4.1 million euros in 2021, the French champion of bicycle insurance has partnered with Seyna to accelerate the adoption of soft mobility by the general public.

The challenge

    Sharelock was looking to...:

    • Capitalize on the data generated by its mobile application and connected lock park to offer a truly innovative insurance product and experience to France’s 22 million French cyclists
    • Implement a versatile distribution scheme allowing them to distribute their products directly or through distribution partners
    • Offer a 100% mobile underwriting process to users of their application
    • Optimize their operations management to let the team focus on customer service

    Our solution

    • Creation of a range of tailor-made offers fully leveraging Sharelock’s mobility expertise and artificial intelligence data analysis capacities
    • Protection of policyholders against theft, breakage and vandalism - including 24/7 assistance, replacement of the bike at purchase value (after deduction of the deductible), coverage of theft of isolated elements (wheels, saddle, etc.), possibility to insure second-hand bikes less than 6 years old, and other benefits.
    • Digitalization of operations and use of photographic declaration made directly via the Sharelock application to optimize coverage and policyholder experience.
    • Deployment of Seyna AML in just a few days; the LCB-FT solution designed for brokers, which simplifies AML compliance management seamlessly.

    Achieved Results

    • No waiting period and a deductible rebait from 10% to 5% for submitting a photo of the parked bike via the application. This feature has now been widely adopted, with more than 50,000 photos already collected and analyzed.
    • In case of an accident, coverage of the insured's return home expenses and those of the bike or to send it to a repairer if necessary.
    • Automation of first-level Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) controls and management of complex cases through a dedicated collaborative tool.

    Our customers know best

    Seyna is a partner who stands out through its reactivity, its customer centricity, and its capacity to decipher market dynamics; a partner with whom the APRIL teams enjoy working.

    Marine Robert
    Assistant Head of Individual Health Insurance

    Seyna and Lite were able to merge their analytical and insurance expertise, in order to guarantee that those who commit to better consumption will be rewarded for it.

    Rémy Rousset
    Co-Founder & CEO

    No less than 20 000 prices were generated, giving us the highest level of product customisation on the market.

    Alban de Préville
    Co-Founder & CEO

    Compensation in unrivalled speed - thanks to an integration in Seyna's systems directly via API.

    Gérald Beyrand

    Being backed by a partner such as Seyna had been critical for the success of our program. We especially appreciated their ability to bring innovative pricing models and adapt to suit our needs.

    Thomas Reynaud

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