Pay-as-you-go insurtech Zego launches mobility cover in Spain

London-based insurtech Zego has launched in Spain, with the opening of a new office in Madrid, to offer flexible pay-as-you-go insurance products to scooter delivery riders and private hire vehicle fleets in the country.

The company said the move is “another major milestone in its ambition to disrupt the European insurance market” with policy cover for risks emerging alongside new mobility innovation.

Founded in 2016, the insurer serves self-employed delivery and private hire drivers in the UK. It currently provides cover to more than a third of the UK’s scooter delivery riders with a flexible pricing system based on use rather than a fixed annual policy.

Zego has targeted Spain because it said the country is at the “forefront” of the emerging new mobility market, which includes large-scale adoption of electric vehicles, movement from ownership to shared vehicle usage and rapid growth in employment with on-demand delivery and ride-hailing services.

Sten Saar, Zego chief executive, 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.”

The move into Spain follows the company's deal with La Parisienne Assurances in February 2019, which enabled Zego to offer flexible delivery, fleet and private hire insurance to customers across Western Europe.

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