IE Note; This is an interesting move, as it offers the potential for on-demand taxi services in major cities, powered via electric cabs. One of the big stumbling blocks for any would-be cabbie is the cost of buying or leasing a traditional black cab. If a driver can effectively rent a vehicle by the hour, insurance included, in the same way that barbers can rent a chair in a barber shop, the market can cope better with peaks and troughs in demand.
Here’s the word from Zego;
Commercial motor insurer, Zego, with backing from Swiss Re, has teamed up with bp, to provide drivers with Zego’s professional insurance as part of bp’s all-inclusive electric vehicle subscription service trial – bp EV Pro. The package is designed specifically for professional ride-hail drivers in London, and aims to make it more appealing and convenient for drivers to opt for an electric vehicle, whilst significantly reducing their emissions.
As part of the bp EV Pro package, which includes a whole host of other benefits such as access to bp’s charging network – bp pulse and servicing and maintenance, Zego will provide their professional insurance meaning ride-hail drivers will be covered by the correct insurance as soon as the car is delivered.
Zego, which was founded in 2016, is a commercial motor insurance company that powers opportunities for businesses, from entire fleets of vehicles to self-employed drivers and riders. It offers a range of cover options from flexible pay-as-you-go insurance to annual policies, and so far, has provided more than 17 million insurance policies and covered more than 200,000 vehicles in five countries. The company recently raised $150 million in Series C funding and became the UK’s first insurtech unicorn.
Swiss Re sees electrification as one of the major trends in the ever-changing mobility landscape. Through the partnership with Zego and bp, Swiss Re is further advancing and deploying automotive solutions to help drive innovation in the motor insurance sector. Given that cutting carbon emissions and limiting the fallout of climate change are the biggest challenge we face as a society, Swiss Re is confident that this partnership will contribute to reaching the UK’s and the global net-zero ambitions.
Sten Saar, CEO of Zego, said: “The electric vehicle market will have a huge role to play in the UK reaching its net zero target by 2050 and we are already seeing businesses across the country adopt EV fleets to reduce carbon emissions.
“With our flexible, usage-based insurance product, we are supporting bp’s trial, by providing affordable solutions to ride-hailing drivers. This partnership is a huge milestone for Zego and we look forward to building a lasting relationship with bp.”
Simon Welton, Market Head P&C UK & Ireland at Swiss Re, said: “Swiss Re is pleased to be supporting Zego with our solutions and risk insights, knowledge and reinsurance capacity. Our vision is to make the world more resilient. Through our support of Zego, and by extension ride-hail drivers’ adoption of electric vehicles, we fulfil our vision of making the world more resilient by promoting safer roads and supporting the transition to a net-zero carbon economy.”
Deepshikha Vasishta, global fleet director at bp, explains: “bp EV Pro offers a driver everything they need to run their business in one easy weekly payment. It includes a brand new PHV licensed electric vehicle car, charging from the bp pulse network, PCO insurance, comprehensive servicing including maintenance and breakdown cover. We partner with Zego given their flexible approach to insurance, especially in the ride hail market”