First UK insurtech awarded insurance licence
Congratulations to Sten Saar and everyone at Zego, who are the first UK insurtech to have been awarded an insurance licence.
Founded in 2016, Zego currently operates in five countries and offers minute-by-minute insurance to annual cover. Their initial focus on the gig economy has now divulged to include policies such as ride hailing, car rental, and scooter sharing. Whilst they will continue to work with their network of partners, the new licence means that they can now build and sell their own products and implement product changes in less than 24 hours.
“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.”