The initiative responds to a sharp rise in insurance costs, which currently average 2,200 euros per year. Álvarez argues that traditional insurers lack interest in the taxi sector, which accounts for only 0.20% of policies in Spain, leading to inflated prices.
“"The taxi driver currently cannot take out insurance online because the forms are not adapted to the taxi. Our platform will facilitate all procedures."
The project is led by veteran entrepreneur David Costa, known for his work with Cooltra. The company plans to use WhatsApp as its primary marketing tool to minimize overhead costs and pass the savings directly to the drivers.
To secure state accreditation, Panda Seguros needs a 13.5 million euro guarantee fund. The team is now inviting taxi drivers to invest a minimum of 1,000 euros each, aiming to finalize the capital raise with institutional investors by this summer.
