London-based InsurTech startup Zego has launched its solution in Spain and opened a new office in Madrid.
Zego is hoping to capitalise on the emerging new mobility market which is in Spain. The country has seen a ‘mass-scale’ adoption of electric vehicles, a movement from ownership to shared vehicle usage and a proliferation of opportunities through on-demand delivery and ride-hailing services, the company said.
In order to support the move in the market, the company has opened an office in Madrid, which will be led by general manager Gerardo Redondo. The InsurTech will support the safety and legality of new mobility innovations.
Founded in 2016, Zego offers self-employed and private hire drivers with more accessible and cost-effective insurance policies. Policies available cover scooters, cars, cycles, vans and other products include private hire insurance, public liability insurance and employers’ liability insurance.
It works by a driver accessing the mobile app and selecting their desired cover, the app then provides an online quote within minutes. The user simply accepts the quote and is covered for the specified period.
Zego chief executive Sten Saar 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.”
Earlier in the year, the InsurTech formed a deal with La Parisienne Assurances which enables it to offer delivery, fleet and private hire insurance to customers across Europe.
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