London-based insurtech firm Zego has forayed into Spanish market to offer pay-as-you-go insurance products to riders in the country.

The company has opened a new office in Madrid and plans to offer mobility cover for scooter delivery riders and private hire vehicle fleets.

Zego entered Spain saying that the European country is pioneer in the emerging new mobility market, such as adoption of electric vehicles at mass-scale, movement from ownership to shared vehicle use as well as significant growth in employment that created on-demand delivery and ride-hailing services.

Customers can buy policies using Zego’s website or mobile app.

Zego chief executive Sten Saar said: “The European insurance market is calling out for innovation. There is a lot of demand for more flexible products which align with modern working life and new models of vehicle usage.

“We can now offer this to a vast number of businesses and self-employed workers across Spain, helping them to reduce their costs and get better value for money on their insurance. We are developing great ties across Europe – this new venture is just the beginning of our international journey.”

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By GlobalData

Gradual Expansion across Europe 

Founded in 2016, Zego covers more than a third of the UK’s scooter delivery riders and offers them a pricing system based on usage that can be accessed through the website or app.

In September last year, Zego entered Ireland in collaboration with La Parisienne Assurances.

Strengthening the existing partnership, Zego signed an agreement with La Parisienne Assurances in February to provide hire insurance to customers across Western Europe.