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February 26, 2020updated 25 Feb 2020 5:01pm

London-based insurtech Zego reaches headcount of 200 employees

By Asena Degirmenci

Zego has reached a headcount of 200 after tripling its workforce in the last 12 months.

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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.
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  • Prepare for how regulation will impact cyber insurance over the next few years.
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by GlobalData
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The London-based insurtech recently surpassed 230 million hours’ worth of flexible insurance policies sold, while also expanding to its fifth European country.

They are also the first insurtech to be awarded its own insurance licence, which allows the company to create and sell its own policies and work with partner insurers.

In the last few months, recruiters have taken on engineers, data scientists, and specialists in sales, operations and pricing. The company expects to double its headcount in 2020 and expand its products in more countries.

Founded in 2016, Zego provides insurance policies for fleet businesses and new mobility services including car sharing, car leasing and scooter companies.

Current partners include WeFlex, Splend, Deliveroo and Uber.

Zego CEO and co-founder Sten Saar said: “Zego has grown rapidly over the last 12 months, and the fact that we’ve been able to do this in a sustainable way is testament to the brilliant team we’ve built here, with a strong community based on shared values.

“We’ve been lucky enough to attract an amazing amount of talent from all over the world, and this diversity of thinking has been a key ingredient in our success to date. With several important partnerships already on the horizon in 2020, I have no doubt that this year will be even bigger than the last.”

Zego was awarded an insurance licence in November 2019, the first UK insurtech to achieve this.

It can now build and sell its own products, backed by 15 reinsurers including Swiss Re. Furthermore, it enables the firm to innovate and implement product changes in less than 24 hours.

In addition, Zego aims to use the insurance licence to harness the data in collates to develop automated pricing technology. it will monitor driver behaviour and external data to offer personalised policies in proportion to each customer’s true level of risk.

Free Report
img

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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