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

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.
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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.

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

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• 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.

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• 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.

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