Zego, the London-based insurtech, has closed a landmark deal with La Parisienne Assurances (LPA) that will enable it to offer insurance products supporting the rapid evolution of delivery and flexible transport services across Europe.
Zego was founded in 2016 to reinvent insurance for the self-employed, providing flexible policies for individuals working with gig-economy giants such as UberEats and Deliveroo. With pricing based on usage, Zego made its pay-as-you-go insurance available to purchase through a mobile app. Recognising the growing demand for insurance tailored to the unique risks emerging with delivery and mobility innovations, Zego expanded its offering to include products customised for various players within ride-hailing, vehicle-sharing and delivery services.
This partnership marks the first of Zego’s Europe-wide managing general agent (MGA) relationships. This will enable the company to take its nimble, technology-focused approach to developing products to new markets faster than ever before. The partnership will have an immediate impact on Zego’s ability to provide flexible delivery, fleet and private hire insurance to customers in Western Europe.
Zego utilises granular data streams, from telematics boxes and integrations with partner work providers, to price policies that are unique to the individuals or entities insured. Its underwriting platform includes a custom-built policy management system and the ability to develop and host pricing in-house. The resulting ownership of processes and heightened flexibility enable the company to deliver new products at unprecedented speed. The partnership with LPA significantly extends Zego’s international reach, further amplifying its potential for growth.
Sten Saar, Chief Executive of Zego, said “In a short space of time we have already built a strong foothold in the UK and Ireland, providing flexible insurance for thousands of self-employed workers, entrepreneurs and small businesses. This partnership will enable us to build on growth to date and accelerate expansion across Europe.”
Olivier Jaillon, Executive Chairman and CEO of LPA, said “I am extremely proud of this ambitious partnership, which emphasises the ability of La Parisienne Assurances to support innovative products that fit the expectations of a changing world.”