Insurtech unicorn Zego plots ‘bold’ new European expansion plan to target £20bn market

London-based commercial motor insurtech  Zego, a provider of pay-as-you-go flexible insurance, has revealed its “bold” European expansion plan, launching in the Netherlands and ramping up operations in France, with more new territories being targeted throughout 2022.

The company plans to target the +£20 billion European fleet insurance market. Its behaviour-driven insurance promises to help commercial fleet managers in Europe optimise fleet performance, cut costs, and improve road safety - with the potential to save “safer driving, empowering customers” up to 20% on premiums at renewal through proactive risk management.

Zego is currently active in six countries. The international expansion follows a period of solid growth at the insurer, which was founded by ex-Deliveroo directors Sten Saar and Harry Franks, and achieved unicorn status in 2021.

News of the European launch comes as many traditional insurers on the continent consolidate, with a 9% reduction of insurers in the Dutch market between 2019 and 2020 alone, according to Zego.

Sten Saar (pictured), chief executive officer of Zego, explained: "Commercial vehicles now account for over 13% of the vehicles on our roads, the highest proportion ever recorded, and this number is rising, as technology continues to decentralise our shopping and travel habits. For the people and businesses managing these fleets, flexibility and control are both highly sought after, but driver behaviour remains a huge variable that is notoriously difficult to influence.

"Telematics and data science have proven that they can improve driving behaviour, and when combined with a financial incentive, they have great potential to make fleets safer and cheaper to run."

"At Zego we are using this data to understand risk better than traditional insurers and other insurtechs, so we can offer more accurate pricing and more control; both of which have halo effects that improve life for everyone," Saar added.

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