Zego, the InsurTech startup, claims to have become the first British business in the sector to acquire an insurance licence.
Armed with the licence, Zego has issued a statement saying it is now empowered to innovate new policies as well as being able to analyse and implement product changes in less than 24 hours.
Moreover, Zego can now tap into its customer data to better monitor driver behaviour and external data to offer policies priced in proportion to each customer’s true level of risk.
The startup was founded in 2016 to provide flexible insurance solutions to the gig economy. Since then, the company has sold over 100 million hours’ worth of insurance policies and raised a $42m Series B funding round.
Nevertheless, Sten Saar, CEO and co-founder of Zego, has said the new licence is a huge milestone that symbolises how the startup is in it for the long run.
“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,” he continued.
“We have already started selling our own products but will continue to partner with other insurance companies, with this collaboration still a crucial part of our business model.”
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