London-based insurtech Zego has partnered with vehicle movement firm Engineius enabling it to extend its reach across 30 European countries.
Zego will provide a first-of-its-kind pay-by-the mile policy for Engineius’ 35 fleet customers, covering its drivers on a range of vehicles up to 32 tonnes under just one product – traditionally a complex area which requires various policies from different insurers.
For Engineius, who was previously only able to collect and deliver vehicles from Europe to the UK by transported means, the partnership has enabled it to offer driven movement services outside the UK for the first time. This will help the firm to cut costs, improve efficiency and do far more business with existing clients, including Hertz and Drover.
Both companies will also benefit from their shared focus on data. Engineius currently records journeys through GPS tracking, speed monitoring and timestamping and this transparent approach gives Zego and its underwriters confidence that driver behaviour is being monitored and recorded.
Since launching in 2018, Engineius has acquired customers across all major automotive sectors, including corporate fleet, leasing, rental, dealership and servicing. Its business model is entirely on demand – ordering takes 30 seconds, the user is quoted a price for their movement and Engineius manages everything after the order is submitted. Every vehicle movement is tracked and managed in real-time using Engineius’ industry-leading mobile app and desktop portal.
Zego, which offers a range of policies from minute-by-minute insurance to annual cover, was founded in 2016 to provide flexible insurance for the gig-economy and has since expanded its usage-based products to the B2B market to cater for the growth of new mobility services. Its bespoke models are already having a profound impact on self-employed delivery and transport workers in the UK, as well as innovative car-leasing businesses, including Splend and WeFlex.
Sten Saar, CEO and Co-Founder of Zego, said: “Engineius, is one of the most innovative companies in its market and up until now, the insurance industry has failed to truly cater to its business model. By working with Zego, we believe they have opened the door to exciting growth opportunities and we’re very happy to be part of this journey.
The partnership has also allowed us to gain a foothold in a new area of the new mobility sector and once again, we have proven our credentials as an insurtech which can create products to suit any type of business.”