Zego to roll out usage-based insurance in Europe
Mobility insurance specialist Zego has secured a European broking licence, enabling it push ahead with international expansion post-Brexit.
Awarded by the Dutch regulator AFM, the licence – said to be a first for a UK insurtech – will enable it to work with EU-based insurance partners and customers, and establish itself in new territories without friction once the Brexit transition period ends on 31 December 2020.
Zego was founded in 2016 and has its own UK licence to underwrite insurance. It initially focused on offering pay-as-you-go cover for delivery drivers in the gig economy and has since expanded into mobility and the fleet sector; it currently serves customers in Ireland, France, Spain, Belgium and Italy, working with brands such as French e-scooter company Dott and Free Now in Ireland.
The new European broking licence will enable Zego to capitalise on Europe’s fast-evolving fleet and new mobility market, by providing businesses and private hire drivers with usage-based and data-driven policies.
It’s also driving its plans for expansion with the acquisition of telematics firm Drivit, announced a week ago and enabling it to enhance its mobility insurance services with real-time behavioural data.
Nick Pester, general counsel at Zego, said: “We have big plans for the European market and by securing this licence, we now have the freedom to continue expanding into new territories and providing new EU-based customers with smart, data-driven insurance.
“Just like in the UK, the insurance market in Europe has barely changed for decades and unsurprisingly there is now a growing appetite among businesses for more modern, flexible and accurately-priced insurance policies. We are in the perfect position to meet this demand and look forward to partnering with many more businesses across the EU in the coming years.”