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December 10, 2020

Insurtech Zego buys telematics firm Drivit to bolster motor insurance offerings

By Verdict Staff

Insurtech Zego has acquired telematics company Drivit in a bid to bolster its commercial motor insurance offerings. Financial terms of the deal were not disclosed.

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Zego said it will use this acquisition as a springboard to scale and expand into new products, markets, and territories faster.

The addition of Drivit will enable Zego to collect real-time driver behaviour data, and thereby, help the company to enhance the way its motor insurance solutions are priced.

Zego CEO and co-founder Sten Saar said: “At Zego, we want to revolutionise the way that commercial motor insurance is priced, and I believe that this acquisition is an important step towards achieving this goal.

Owning a market-leading telematics solution gives us the ability to not only collect real-time behavioural data, but also crucially to layer this information on top of our other existing data sources.”

The deal follows the Zego’s partnership with the telematics firm, under which the company first tested and rolled out its telematics-based policies.

As part of the tie-up, Drivit’s technology is integrated into the company’s recently launched Zego Sense app.

Commenting on the acquisition, Drivit co-founder Gonçalo Farinha said: “We are embarking on this journey with Zego not only because its mission perfectly aligns with the role we envisioned for Drivit in the world, but also because it is uniquely positioned to dramatically accelerate this shared vision into becoming a reality.”

According to Zego, the combination of Drivit’s telematics technology, and its current data sources, will enable it to understand driver data and risk better than its peers throughout the world.

Additionally, Zego claims that it can collect five times more data per vehicle than its competitors.

In October this year, Zego partnered with Bravo Group’s broker and compass network, to expand its flexible, on-demand insurance to the UK broking community.

In September, Zego has partnered with Sweden-based e-scooter operator Voi as the latter launches rental vehicles in the UK.

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What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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