TLDR: Roamly has launched its new AI-powered Carshare insurance platform, designed to revolutionize coverage for the shared vehicle economy. This significant development follows the company’s appointment as a Lloyd’s of London Coverholder and its recognition with a Celent Innovation Award for its proprietary AI-powered Actuarial Rater™.
Austin, Texas-based Roamly, a prominent player in digital specialty insurance technology, has officially rolled out its AI-powered Carshare insurance platform. This innovative solution is specifically engineered to cater to the rapidly evolving demands of the mobility and shared vehicle economy, offering embedded and scalable coverage.
The launch marks a pivotal moment for Roamly, building on two recent major achievements: its appointment as a Lloyd’s of London Coverholder and its receipt of the prestigious Celent Model Insurer Award for Innovation Execution. The Celent award specifically acknowledges Roamly’s proprietary Actuarial Rater™ tool, highlighting its advanced capabilities in the insurance sector.
Roamly’s Carshare platform integrates cutting-edge technologies, combining telematics, machine learning, and generative AI to automate critical processes such as underwriting and claims. Its API-first architecture ensures that insurance can be seamlessly embedded directly into booking and fleet workflows, streamlining operations for shared mobility providers. The company states that this platform represents the first commercial vehicle insurance solution to be embedded directly into a fleet management SaaS tool.
Currently, the platform provides coverage for approximately 7,000 vehicles across the United States. Roamly projects a significant expansion, aiming to cover 12,000 units by the end of 2025. Furthermore, the Carshare product is anticipated to generate over $12 million in premium by year-end.
The Carshare insurance is deeply integrated into Wheelbase, Roamly’s existing SaaS fleet management platform. This integration empowers operators to manage fleets across multiple locations, accept direct bookings, and retain a larger share of their revenue. The coverage is highly adaptable, adjusting to fleet size, geographical requirements, and usage patterns, ensuring compliance with state regulations. It also extends protection to various use cases, including personal vehicle use, parked vehicles, and rideshare driving.
Also Read:
- Agentic AI Workspaces Revolutionize Insurance Decision-Making
- Artificial Intelligence Revolutionizes Insurance Underwriting, Market Poised for Significant Growth
Jeff Cavins, CEO of Roamly, emphasized the transformative impact of the new platform, stating, “Insurance has historically been a barrier for shared mobility operators and marketplaces as it often represents their largest expense. With our AI-powered Carshare solution, we’re breaking down that barrier, offering scalable, affordable, and fully embedded insurance coverage that helps operators grow with confidence and protects consumers who participate in the marketplace economy.”
