London-based InsurTech Zego has launched two new flexible insurance products aimed at moped and e-bike fleets in the UK.
The new products have been developed in partnership with Wakam and will enable businesses in food and grocery delivery to save time and money.
Its first product is aimed at both electric and traditional moped fleets, and is usage-based, to ensure customers only pay for cover when they need it. Businesses will also pay a minimum base rate to cover their fleets at all time.
Product two cates for e-bike fleets and is a fixed-term annual cover; however it is charged monthly to enable businesses to pay at shorter intervals. The aim is to remove the need of a large upfront cost.
This product will also be priced per vehicle, to ensure companies only pay for vehicles in use.
Zego commercial director Ines Feracci said, “The market for fleet moped and e-bike businesses is growing at a rapid pace, particularly due to the surge in delivery and courier services as a result of the Covid-19 pandemic.
“Zego has already been able to serve this part of the market well, by partnering with a number of fleet businesses and work providers, and this product is an evolution of that work. We recognise the growing use of mopeds and e-bikes by delivery drivers and riders up and down the country, and are pleased that alongside our partners we are now able to provide a far more affordable and fairer insurance model for these businesses.”
The company recently collected $150m in its Series C round, which helped it to become the UK’s first InsurTech unicorn.
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