Insurtech Zego has sold more than 100 million hours’ worth of policies. In addition, over 80% of this total has been sold in the last year.
According to Zego, it currently insurers a third of the UK’s food delivery market, mainly through partnerships with Deliveroo, Just Eat, and Uber Eats.
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Zego policies have insured the equivalent of 267 million pizza deliveries, half a billion e-scooter rides or 137,000 months of on-demand car subscriptions.
The insurtech expects its growth to continue as forecasts shows ride-sharing platform users to hit over 11 million by 2020.
Sten Saar, CEO and co-founder of Zego, said: “Hitting 100 million hours of policies sold is a major milestone for Zego and we expect this figure to significantly grow as we continue to expand rapidly across Europe.
“At Zego, we have recognised a gap in the insurance market and built a unique business model to fill it. Our digital-first approach to insurance places us at the forefront of new mobility services, and we look forward to forming new partnerships in the space.”
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By GlobalDataZego recently raised $42m in a funding round to fuel its international expansion and double its workforce to 150.
Recently, Zego has teamed up with on-demand rental company Splend to provide cover for its UK fleet.
This is a result of the Australia-based Splend moving its HQ to London. The pay-per-mile deal means Splend will avoid the upfront cost usually associated with insurance policies. In addition, the process of adding cars to the policy is more intuitive than with a traditional insurer and Splend can focus on growing its UK fleet.
Zego will also offer Splend a better understanding of its own drivers’ behaviour. This will be achieved through analysis of telematics data generated by black boxes inside cars. Additionally, Splend can improve its decision-making when it comes to resource distribution. The risk of accidents will also be reduced.
In addition, it partnered with European car-subscription service Drover.
The deal is set to insure its private hire vehicle subscriber base. With Zego’s insurance policy integrated with Drover’s sign-up process, private hire drivers are automatically insured when subscribing to a vehicle.
