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Insurtech Zego Launches in Spain

Zego, the London-based insurtech, has launched in Spain, offering its range of flexible insurance products to scooter delivery riders and private hire vehicle fleets. The launch, accompanied by the opening of a new office in Madrid, is another milestone in Zego’s ambition to disrupt the European insurance market with policies designed to cover the risks emerging alongside new mobility innovation.

Zego was founded in 2016 and has made an impact with self-employed delivery and private hire drivers in the UK, currently providing cover to more than a third of the UK’s scooter delivery riders. The company offers a flexible pricing system based on usage for both individuals and businesses. Customers can purchase policies through Zego’s website or mobile app, providing a more accessible and cost-effective insurance model than the fixed annual policies sold by traditional insurers.

By launching in Spain, the company hopes to capitalise on the emerging new mobility market, of which Spain is at the forefront. In recent years, the country has seen mass-scale adoption of electric vehicles, movement from ownership to shared vehicle usage and a proliferation of work opportunities created by the launch of on-demand delivery and ride-hailing services. Led by General Manager Gerardo Redondo, Zego will work to ensure the safety and legality of new mobility innovations, bringing their benefits to the greatest possible number of people by working in collaboration with fleet operators.

The announcement follows last month’s deal with La Parisienne Assurances, which enabled Zego to offer flexible delivery, fleet and private hire insurance to customers across Western Europe.

Sten Saar, Chief Executive of Zego, said“The European insurance market is calling out for innovation. There is a lot of demand for more flexible products which align with modern working life and new models of vehicle usage. We can now offer this to a vast number of businesses and self-employed workers across Spain, helping them to reduce their costs and get better value for money on their insurance. We are developing great ties across Europe – this new venture is just the beginning of our international journey.”

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