Insurtech Zego has been growing fast over the last year or so, with extra staff joining its London HQ, new investment and now the company say they have future-proofed the business, by securing an insurance broker licence in France.
The licence, awarded by the French regulator, ORIAS, will support the company’s continued expansion across Europe by eliminating any friction when Zego enters into new deals with EU-based partners following the Brexit transition period. It’s a smart move by Zego, and mirrors the actions taken since 2016 by many insurers and MGAs, as the exact regulatory landscape post-Brexit is still emerging.
Zego currently operates in five countries including the UK, Ireland, France, Belgium and Spain – and the London-based company now provides flexible insurance to a number of French fleets, since arriving in July 2019 in partnership with micro-mobility company Dott. Zego now plans to capitalise on the fast-evolving fleet and new mobility market in France and across Europe, by providing businesses with transparent, usage-based and data-driven policies which traditional insurers are unable to replicate.
Zego have several video tutorials online, which explain how their insurance product works, and why riders and delivery drivers need specific insurance for freelance, gig economy work. These guides are also available in different languages too.
The award of the French broker licence comes just months after Zego secured its own insurance licence, enabling the company to build and sell its own policies. The company was founded in 2016 and provides flexible insurance policies for fleets and individuals in the mobility industry, including vehicle-sharing, car-leasing and delivery companies. Current partners include WeFlex, Splend, Deliveroo and Uber.
Zego recently surpassed a headcount of 200 and is set to double this in 2020.
Sten Saar, CEO and Co-Founder of Zego, said: “Europe is a huge market for us with a lot of exciting opportunities, and by securing a French broker licence, we have given ourselves the freedom to operate without any friction post-Brexit.
“Just like the UK, in Europe we’re seeing a gradual shift from the ownership of vehicles to usership, and our flexible and modern approach to insurance puts us in a great position to meet new demand arising from this trend.”