Industry disruptor Zego now has an insurance licence of its own.
In an announcement today (November 12), the London-based start-up said it is the first UK insurtech to have been awarded an insurance licence that will allow it to build and sell its own products. Benefits of the licence include the ability to implement product changes in less than 24 hours.
Meanwhile Zego, whose policies are backed by Swiss Re and 14 other A-rated reinsurance companies, will continue to work in tandem with its growing network of insurer partners.
“This is a huge milestone for Zego and a clear signal that we are here to stay,” stated Zego chief executive and co-founder Sten Saar, who noted that collaboration remains a crucial component of their business model.
“The licence is also an essential ingredient in our mission to transform the insurance sector, by creating flexible policies which better reflect risk and truly cater to the fast-evolving world of mobility.”
Founded in 2016, Zego currently operates in five countries and offers a range of policies from minute-by-minute insurance to annual cover. Initially focussed on the gig economy, it has since expanded its clientele to tap services such as ride hailing, car rental, and scooter sharing.
Commenting on the development, Swiss Re’s market head of property & casualty for UK & Ireland Simon Welton said: “Swiss Re is very pleased to have been able to support Zego with our risk knowledge and reinsurance capacity.
“We have been impressed by Zego’s innovative and passionate approach to creating new insurance products which meet the changing needs of customers. We look forward to continuing to work with them in the future and supporting their growth plans.”
