On-demand InsurTech platform Zego has partnered with WeFlex to offer its fleet of cars an insurance policy which is driven by real-time data.
This deal aims to give WeFlex, a provider of vehicles for the ride-share ecosystem, a tailor-made insurance pricing model which will analyses every aspect of the fleet and its driver’s historic behaviour. Its aim is to replace the current annual premium method for fleet companies.
Zego will give WeFlex a deeper understanding of its fleet, helping it to improve decision-making for resource distribution and long-term risk, as well as lower accidents and associated costs.
Data will be collected from telematics boxes in real-time, giving insight into the behaviour of its customers. This will help it judge risks and improve safety standards and give improved transparency in claims.
WeFlex provides vehicles to platforms including Uber, and currently has a fleet of 700.
Founded in 2016, London-based 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.
Zego chief executive Sten Saar said, “In the last few years, we’ve seen a flood of innovation across the transport and delivery sectors and so far, the insurance industry has failed to keep pace. This is particularly so when it comes to insuring fleets of cars, with traditional insurers often adopting a one-size-fits-all approach, which fails to take account of actual exposure to risk on a real-time basis.
“With our fleet policy, we’re using technology to analyse billions of data points and provide a tailor-made product which allows fleet owners to see the big picture. We see this deal as a huge step in our move towards the B2B market.”
Earlier in the year, Zego opened an office in Madrid in a bid to capitalise on the country’s emerging mobility market, which has seen a movement to shared vehicle usage.
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