Zego is an insurtech company headquartered in London, UK. The company differentiates itself by providing tech-based insurance solutions to self-employed drivers and riders as well as fleet owners. This segment of users has been consistently increasing with growing preference for B2C deliveries. Many of these drivers, riders and fleet owners also cater to B2B segment.
Since it started operations in 2016, Zego has expanded its presence in several other countries such as Spain, France, Netherlands, Ireland and Denmark. Zego's tech-based solutions offer multiple advantages and can be deployed in any country.
History
Just like many other startups, Zego's story began with efforts to solve a problem. Founders Sten Saar and Harry Franks noticed that traditional insurance did not have any dedicated products for self-employed drivers and riders and fleet operators. And even if some insurance products were available, they were often quite expensive to buy. Another issue was that traditional insurance products were often too complicated to understand. Such bottlenecks prevented users and businesses from reaching their full potential.
Zego came up with tech-based solutions that allowed users to save both time and money when opting for insurance. For drivers, Zego currently offers private hire insurance, courier van insurance, scooter insurance, car insurance and van own goods insurance. For fleets, options include fleet insurance and micro mobility insurance. The company has already sold more than 17 million insurance policies and covered more than 200,000 vehicles across five countries.
Funding
Zego has received investments worth $201.7 million via 6 rounds of funding. In March 2021, the company had raised $150 million. Its valuation subsequently increased to more than $1.1 billion, making it the first insurtech unicorn in UK. Some key investors of Zego include General Catalyst, DST Global, Balderton Capital, Target Global and LocalGlobe.
Acquisitions
Zego had acquired Drivit in December 2020. Drivit was a pioneering telematics company. The acquisition helps Zego to create better insurance products based on driver behavior data. These telematics-based insurance policies are quite revolutionary and benefit all stakeholders. It helps the company to better understand driver related risks and accordingly price the insurance products.
Competitors
Zego competes with rivals such as Marshmallow, Brightside Insurance and Admiral Group.
About the founders
Zego was founded by Sten Saar and Harry Franks. Sten currently serves as the CEO at Zego. He had earlier worked with companies such as Deliveroo, Onefinestay and Quickstart Global. In 2004, he had launched another company named Realister Ltd. Sten has bachelor's degree in business and management from Tallinn University of Technology.
Co-founder Harry Franks currently serves as the CBDO at Zego. He had earlier worked with Deliveroo, La Fuga Travel, Onefinestay, Overview Ltd., Wheelfreedom and Reevoo. Harry has a bachelor's degree from Newcastle University.
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