What do Capsule and a seaside resort in France have in common? Well, efficient.direct.transparent isn’t just how the what3words team described Capsule – it’s also the what3words address for a little corner of the French coast. We’re just glad our reputation aligns with great views!
what3words has transformed how we navigate the world by dividing it into three-metre squares, each identified by a unique three-word combination.
Formerly an events organiser within the music industry, co-founder Chris Sheldrick had become frustrated with poor addressing leading to significant logistical issues – including a soundcheck at the wrong wedding. Eager to find a solution, he teamed up with two school friends, mathematician Mohan Ganesalingam and translator Jack Waley-Cohen, to create what3words.
Eight years on, the system is available in over 60 languages and used by millions across the globe to pinpoint precise locations – from festival-goers finding friends to emergency services reaching those in need.
The need for a new approach
what3words was already partnered with a prominent and well-established insurance broker, but when it was time to renew, it became clear that it was no longer meeting the SaaS provider’s needs. Recognising the necessity for a broker that could match its level and pace of innovation, what3words partnered with Capsule.
By offering proactive coverage tailored to the unique demands of fast-growth companies, Capsule provided what3words with peace of mind. It could now focus on its mission to redefine global addressing systems free from the constraints of outdated insurance solutions.
The challenges of global expansion
At the time of our partnership, what3words had secured significant new funding and was preparing to expand its geocode system into even more territories. With its operations spanning multiple continents with diverse regulatory landscapes, the SaaS faced an intricate web of risks.
In particular, global expansion called for enhanced Management Liability and Directors’ and Officers’ (D&O) insurance to protect the leadership team.
Our tailored insurance solution
Capsule worked closely with what3words to develop a comprehensive policy that not only addressed these complexities, but also streamlined the insurance process – giving what3words confidence to scale its technology across new markets.
With the help of our experienced team and advanced API, what3words was able to shield its key persons with enhanced D&O insurance. In addition, our individualised approach not only updated its insurance framework but also integrated bespoke travel cover arrangements.
The results
Despite a provider switch and considerable coverage updates, Capsule successfully brought what3words on board and set it up with a new insurance programme in just 37 days. This demonstrates our speed and efficiency when it comes to navigating complex transitions and delivering tailored solutions. Through strategic policy creation and negotiations, we helped what3words secure remarkable reductions in premiums and consolidated various policies in the process. This enabled what3words to invest in other areas of the business.
Our consistent communication also simplified renewals overall, ensuring a simple yet considered process that eliminated last-minute decisions while maintaining a high level of efficiency. what3words is enjoying a much smoother insurance experience thanks to our focus on clear documentation and proactive communication.
The feedback
Once we’d dotted all the i’s and crossed all the t’s, what3words was all set to continue tackling inadequate addressing systems across the globe. But not before we had a chance to ask them how we did, of course:
“The Capsule team really nailed it with their efficient approach to renewal and their ongoing support throughout the process. Everything felt so much smoother with their transparency and direct communication. They’ve set a new standard for what we look for in external support.”
– Polly Hughes, Chief Financial Officer at what3words.
Ready to revolutionise your own processes?
When was the last time you heard from your insurance broker? If it’s been a while, maybe it’s time to experience a new standard of service.
This success story is a great example of how we excel at crafting bespoke and impactful solutions that drive sustained growth. Reach out to us today to discover how Capsule can do the same for you.