After four years of reflection and development, Joltee formalized, in July 2022, the launch of its insurance service dedicated to electric vehicles. But the start-up has also created an entire ecosystem to overcome this boundary.
Through its reward system, Joltee will provide access to discounts on refills.
It had become one of those start-ups that were at all the meetings of entrepreneurs in the preparation phase of a project. Joltee has become a reality. On July 15, 2022, the company co-founded by Florent Stay and Soundar Adavaneformalized the launch, on the French market, of its insurance offer intended solely for electric vehicles for individuals and businesses.
The culmination of 4 years of reflection and development. And change too. “We had the idea of a mobility platform based on blockchain and cryptocurrencyexplains Florent Sejour. It turned out that we were too early. Lack of maturity fuels a form of crypto-skepticism“.
So with its main shareholder, the Generali group (via its French subsidiary, editor’s note), Joltee turned to the profession of insurance broker. After a long period of learning about the real needs of electric vehicle drivers, the result was a product designed specifically for this type of user.
“We will not be the cheapest on the market, bluntly warns the co-founder, because we don’t come with slimmed down or repackaged packs for the EV”. Joltee concentrates the insurance and assistance service, thanks to Generali and Mondial Assistance. “Each of these partners agreed to a co-creation process based on our recommendations,” he appreciates on this subject, while the start-up has for its part set up an HR team trained in electricity (vehicles and terminals).
For example, in the event of immobilization on the side of the road, the insured will be systematically taken care of by a repairman who has received B2XL authorization, ie that reserved for electric vehicles. Then, it will be recharged on site in 15 minutes or transported to the nearest station. In town, Joltee will be able to unlock a mobility credit to complete the journey.
But the heart of the value proposition beats in the community world. Indeed, the two founders have worked to create a varied ecosystem to support, reward and retain policyholders. To better understand, you should know that each journey made earns points, Jolt, to be valued with partner companies.
In the list, there is in particular Izi by EDF for recharging the vehicle, while waiting for Recharge + (the sharing of terminals between individuals), but also Caocao, the VTC company or soon shared mobility operators operating bicycles, scooters and other electric scooters. “No need to wait for the statement at the end of the month, the Jolts are available at the end of the trip so that the driver can benefit from them for the last kilometer or finance his recharge”, explains Florent Sejour.
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Which paves the way for Joltee’s next challenge: gaining access to vehicle data with manufacturers’ permission. “The boxes and the telephones do not bring satisfaction, only the information coming from the vehicle is of interest”, slice Florent Sejour. By integrating them, the insurance broker can then analyze driving according to some 70 criteria, compared to barely a dozen with companies usually.
Four brands, including one French, one Japanese and two top-of-the-range Germans understood the stakes and agreed, in the form of a demonstrator, to play the opening game. At the same time, Joltee has partnered with High Mobility, an aggregation platform that allows it to collect data from more than 8 out of 10 manufacturers.
Other vehicles to come
Joltee’s business model is based on commissions. First as an insurance broker, of course, and then through its role as a business provider for the partners. The skilfully developed information system could also be made available to third parties for a fee.
500,000 euros were raised at the end of 2021 to achieve this result. Soundar Adavane and Florent Sejour are preparing the next step: convincing investors worth a million euros. “Given the economic situation, we will surely limit ourselves to 500,000 euros for the gateway“, we slip at Joltee.
The car will not be the only hunting ground. Florent Sejour says that in the coming weeks, agreements with third-party insurers will make it possible to offer contracts for other electric mobility solutions, including bicycles, scooters, scooters and individual vehicles.