Zego, a UK-based insurance technology company, has teamed up with WeFlex, a provider of vehicles for the ride-share ecosystem, to offer data-driven insurance to ride-sharing market.
As per the agreement, Zego will offer usage-based fleet insurance policy to WeFlex’s 700 commercial vehicles.
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The deal, said to be the first of its kind, aims is to replace the prevailing annual premium method for fleet companies.
Instead of an annual premium, WeFlex will receive a tailor-made pricing model which Zego will develop by analysing various aspects of the fleet and historic behavior of its drivers.
Zego chief executive Sten Saar said: “In the last few years, we’ve seen a flood of innovation across the transport and delivery sectors and so far the insurance industry has failed to keep pace. This is particularly so when it comes to insuring fleets of cars, with traditional insurers often adopting a one-size-fits-all approach, which fails to take account of actual exposure to risk on a real-time basis.
“With our fleet policy, we’re using technology to analyse billions of data points and provide a tailor-made product which allows fleet owners to see the big picture. We see this deal as a huge step in our move towards the B2B market.”
WeFlex CEO Nicko Williamson said: “We have chosen to partner with Zego as they are an innovative player in the insurance market, allowing WeFlex to have a much more data driven, flexible approach to insurance.
“WeFlex plans to become the largest vehicle leasing business in the ride-sharing space and working with Zego will help us improve our product offering. This in turn will help our customers and enable us to scale our business.”
At present, Zego’s fleet insurance is available in the UK and Spain.
