Sharelock offers an AI-powered insurance platform specifically designed for bicycles, providing coverage against theft, damage, and vandalism. By utilizing a mobile application that reduces deductibles through photo verification, Sharelock addresses the prevalent issue of bike theft, encouraging increased bike usage and reducing carbon emissions.
Funding
$10.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Bike theft and vandalism are significant deterrents to cycling, particularly in urban areas where secure parking is often unavailable. Traditional bike insurance options may lack the flexibility and ease of use needed for modern cyclists.
Solution
Sharelock provides a comprehensive and user-friendly insurance platform designed specifically for bicycles, including e-bikes and cargo bikes. The platform offers protection against theft, damage, and vandalism, encouraging increased bicycle usage as a sustainable transportation alternative. Sharelock leverages a mobile application to streamline the insurance process, allowing users to easily manage their coverage and reduce deductibles by verifying parking locations with photos. This approach promotes safer cycling habits and contributes to a reduction in carbon emissions by incentivizing bike use over cars.
Target Audience
Sharelock targets individual cyclists, e-bike owners, cargo bike users, and businesses with bike fleets who seek affordable and comprehensive insurance coverage against theft, damage, and vandalism.
Features
- Mobile app for easy policy management, claims filing, and parking verification
- Reduced deductible option by taking photos of parked bikes via the app
- Vigimap feature within the app identifies safer parking zones based on risk assessment
- Insurance coverage for mechanical bikes, e-bikes, cargo bikes, and bike fleets
- Option for fleet insurance to cover bike sharing programs and company bikes
- No waiting period: insurance coverage starts immediately after the first parking photo is uploaded
- CO2 savings tracking to show users the environmental impact of their cycling