Zego
Commercial motor insurance provider
- 201-500 employees
- Fintech
- B2B
- Cars
- Insurance
- City of London, London, UK
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Company mission
To provide businesses and people with insurance they control, saving them both time and money.
Our take
Zego was early to see the trend towards the gig economy. It was one of the first companies to offer unique insurance to workers in the space (their first products were focused on transport-related insurance for food delivery workers).
The traditional rigid model of insurance is no longer fit for purpose. The world is becoming more urbanised, and the vehicle economy in particular is moving away from traditional ownership to shared use.
Success in this space requires strong partnerships with big underwriters, so there's defensibility for the companies that crack it. Zego is off to a good start here as one of the first movers, having struck up partnerships with huge underwriters like RSA.
Zego is the first insurtech company in the UK to be awarded a licence to underwrite its own insurance products. This allows them to provide innovative policies, alongside working with their insurer partners.
The company is aiming big. The CEO recently said they expect to be bigger than Allianz, the $100bn insurance giant, by 2030. They launched in Spain, France and Belgium in 2019 and are planning further expansion across Europe in 2020.
In September 2019, Zego sold more than 100 million hours of flexible insurance policies - equivalent to 250m pizza deliveries. This shows the huge presence they now have in the market.
Freddie
Company Specialist at Welcome to the Jungle
Benefits
- Truly flexible approach to work, enabling Zegons to manage their work-life balance
Funding (last 2 of 6 rounds)
Mar 2021
$150m
SERIES C
Jun 2019
$42m
SERIES B
Total funding: $209.7m
This company has top investors
Leadership
Sten Saar
(CEO)Head of Operations at Onefinestay and Operations Director at Deliveroo.
Harry Franks
(CCO)Operations Manager at Onefinestay and Global Head of Procurement at Deliveroo.
Stuart Kelly
(CTO)Manager of Front End at Onefinestay, Head of Engineering at Hubble.