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.
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.”
Zego recently raised $42m in a funding round to fuel its international expansion and double its workforce to 150.
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.
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.