YEET-VTC in a few words
YEET-VTC is an insurance company founded in 2021. A subsidiary of YEET Assurances, YEET-VTC specializes in protecting VTC drivers and their vehicles.
Insuring risky drivers
More and more ride-hailing drivers are finding it difficult to get car insurance due to their significant road risk. Lacking effective tools to differentiate risk levels, insurers apply high premiums that drain ride-hailing drivers’ budgets. Some insurance companies have even stopped insuring these drivers because their losses exceed their premiums, despite regular increases in premiums.
Yet, with the right tools, it is possible to insure ride-hailing drivers at a combined-ratio lower than the market average. Philippe Decaudin, CEO of YEET-VTC: “The challenge was significant when we launched our insurance activity. We had to find a way to distinguish between good risks and bad risks in order to offer good drivers attractive pricing. All this while maintaining acceptable profitability.”
The smartphone as a tool for positive selection
Philippe Decaudin was quickly convinced by the DriveQuant telematics solution. “We were looking for a technology that would suit our needs, namely to allow us to differentiate between ride-hailing drivers in order to offer fairer pricing. Thanks to the DriveQuant App combined with a beacon, we can connect drivers to analyze their driving style and lower the premiums. We are the only ones to address the ride-hailing driver population in this way.”
Insurance with competitive premiums
YEET-VTC’s model has paid off. "Ultimately, everyone wins with Pay-How-You-Drive insurance: the fewer the claims, the better the rates. Furthermore, driver feedback has been very positive on our service as an insurer and on the app, which has a rating of 4.8/5 in the app-stores. It's a relief for ride-hailing drivers to be able to get insurance at a fair price."
Watch the full YEET-VTC testimony
