Insurtech Zego has partnered with leading on-demand rental company Splend to provide cover for its UK fleet, following the Australian company’s decision to move its HQ to London.
The bespoke pay-per-mile deal means the process of adding cars to the policy will be far more intuitive than it would be with a traditional insurer, saving time and hassle for Splend as it quickly grows its UK fleet. The process of adding cars to the policy will also be far more intuitive than it would be with a traditional insurer, saving time and hassle for Splend as it quickly grows its UK fleet.
Once fully integrated with Splend’s system, Zego will offer the company a better understanding of its own drivers’ behaviour, through-analysis of telematics data generated by black boxes inside cars. This will in turn help Splend to improve decision-making when it comes to resource distribution, while reducing the risk of accidents and consequently, the cost of its insurance.
Zego was founded in 2016 and its flexible, usage-based products are already having a huge impact with self-employed delivery and transport workers in the UK. The company’s fully-comprehensive fleet policy works on a base subscription rate per month, with fleet owners paying a mileage rate on top of this.
Splend was founded in Australia in 2015 and has raised $10million in equity to date and expanded to nine cities in Europe, the Americas and Australia. The company recently relocated its HQ to London to help support the 90,000 Uber drivers in the capital.
Splend sets itself apart by providing eco-friendly and affordable cars to drivers and by its use of data to help drivers maximise their earning potential. The company also handles all of the necessary financing, insurance and maintenance, so that drivers can focus on earning an income.
Sten Saar, CEO and co-founder of Zego, said: “In a short space of time, Splend has become one of the leading forces in the new mobility sector and the company’s trajectory and ambitions very much mirror our own. Both Zego and Splend are committed to using data to modernise the way that fleets of cars operate and to reduce risk and this is just the beginning of a partnership which we hope will see us work in unison around the world.”