Established in 2018, Nuvven are making car rentals better for everyone (customers and car rental businesses) by solving the massive market fragmentation, ‘clunky’ customer experience issues and lack of access to quality insurance in the market which is difficult to address without scale. Nuvven’s Digital Car Rental Management Platform (to be rebranded as Coastr alongside the CBS video release), provides independent car rental businesses with a connected ecosystem platform to become fully digitised and benefit from immediate cost savings, higher fleet utilisation and revenue maximisation. In addition, the data from the platform can unlock other value added services such as on-demand insurance.
Our offering includes:
- a SaaS platform which is an all-in-one cloud-based software that is powered by Telematics and AI, to efficiently manage entire car rental operations from booking, maintenance, pricing, reporting and a mobile app for check-in/check-out and damage assessment. Coastr is additionally equipping the operators with technological innovations such as keyless entry, biometric customer verification, predictive maintenance, on-demand fleet insurance, dynamic pricing, automated fleet on-boarding, and immobilisation which is being brought together as a fully integrated solution to help our rental partners be prepared for the future of car rentals and compete with major market players;
- a consumer app (to be released in early 2021) that will enable end customers (Corporate travellers first and then Retail customers) to make bookings and benefit from a fully contactless rental service enabled by keyless entry technology while offering a greater choice, competitive pricing and better levels of service through our partners.
Nuvven’s mission is to support the growth of independent car rental businesses while enabling a connected ecosystem for car rentals that will set the standards for the future of car rentals.
Nuvven was founded by our CEO, Biswajit Kundu Roy to address the poor customer experience in the car rental industry. Being a regular car rental user for his business trips and holidays, Biswajit was fed up with the frequent agonising experiences of non-transparent pricing, insurance scams and long queues at the airport. Nuvven was founded with the vision of enabling the car rental industry with technology innovation. The team started with just 4 people and bootstrapped to 10 people for large part of 2019 before raising pre-seed capital of £200K and some government grants to launch the MVP into the market.
The initial days were tough as the team continued to explore routes for market entry as the sector is heavily dominated by large players who tend to create big barriers to entry or buy out competition. Through a number of pivots from the original idea, the Nuvven team decided to make it our mission to support the independent tier 2 and 3 car rental operators in the market to enable their businesses using state of the art technologies and drive more competition against the larger incumbents using a “democratisation” approach similar to Amazon’s play in retail.
The pivot worked well as 35% of the market is held by the independent operators who must deal with a variety of operational challenges, some of them due to their size and inability to compete. This is also where the FinTech or InsureTech aspects of Nuvven comes.
One of the biggest challenges the car rental sector faces is the cost of fleet insurance, which not only reduces their bottom-line profits by 30-40% but also then impacts the end customer experience as the operators try to recover some of their costs through insurance mis-selling. Nuvven are in a vantage position to help solve this issue using the data in our platform which can provide key insights into the operational aspects of the car rental business through which they can introduce better controls through capabilities such as immobilisation of vehicles, biometric identification of customers, keyless entry, etc. which in turn then will allow the insurance companies to apply better premium using the concept of pay-as-you go or on-demand fleet insurance.
While we continue to scale up our SaaS platform for car rental operators, we are working with Insurance companies to improve the underwriting and claims experience for car rental operators and customers in parallel.
Biswajit Kundu Roy
Former Management Consultant at PwC and computer science engineer by background with extensive experience of delivering digital transformation for logistics, retail and financial services companies
Head of Technology
15 years of experience in technology development and data science and experience of working at start-ups
Head of Sales & Partnerships
Former national Sales Director at a large Fleet Management company with strong industry knowledge
Head of Products
12 years of experience in defining SaaS product strategy and design contributing to two successful startup exits in last five year
Natasha Sonawane Berry
Over a decade of experience in leading marketing and brand strategies for companies, including British Council
Smart grant award for developing on-demand insurance