Insurtech Zego targets European expansion with new French broker licence

London-based insurtech Zego, a provider of pay-as-you-go insurance for drivers and riders who work flexibly with their own vehicles, has secured an insurance broker licence in France, in a move it says will "future-proof" its business after the Brexit transition period.

The licence, granted by the French regulator ORIAS, will support the company’s expansion across Europe by eliminating any friction when Zego enters into new deals with EU-based partners following Brexit.

Zego currently operates in five countries including the UK, Ireland, France, Belgium and Spain – and the London-based company now provides flexible insurance to a number of French fleets, since arriving in July 2019 in partnership with micro-mobility company Dott. Zego now plans to capitalise on the fast-evolving fleet and new mobility market in France and across Europe, by providing businesses with transparent, usage-based and data-driven policies which traditional insurers are unable to replicate.

The French broker licence comes after Zego secured its own insurance licence in November 2019, enabling the company to build and sell its own policies. The company was founded in 2016 and provides flexible insurance policies for fleets and individuals in the mobility industry, including vehicle-sharing, car-leasing and delivery companies. Its current partners include WeFlex, Splend, Deliveroo and Uber.

Sten Saar, CEO and co-founder of Zego, said: “Europe is a huge market for us with a lot of exciting opportunities, and by securing a French broker licence, we have given ourselves the freedom to operate without any friction post-Brexit.

“Just like the UK, in Europe we’re seeing a gradual shift from the ownership of vehicles to usership, and our flexible and modern approach to insurance puts us in a great position to meet new demand arising from this trend.”