London-based insurance technology company Zego has announced plans to expand into the Netherlands and step up operations in France as it seeks to take a bigger share of the European insurance market.
Zego, which last year became the UK’s first insurtech ‘unicorn’ – a company with a $1bn valuation – said it was eyeing Europe’s $20bn fleet insurance market. pounds with a new product that uses technology to help companies lower premiums.
Sten Saar, CEO of Zego, said: “Commercial vehicles now make up more than 13% of the vehicles on our roads, the highest proportion ever, and that number is growing as technology continues to decentralize our buying habits. and displacement.
“For the people and companies running these fleets, flexibility and control are both highly desired, but driver behavior remains a huge variable that is notoriously difficult to influence.”
Saar said Zego uses driver data to “understand risk better than traditional insurers and other insurtechs so we can offer more accurate pricing and more control.”
Zego, which was founded in 2016 by former Deliveroo directors Saar and Harry Franks, is seeking to capitalize on a consolidation in the European insurance market. The firm said the Netherlands alone saw a 9% reduction in insurers between 2019 and 2020.
The Dutch and French expansion plans are the first steps in a wider European rollout for Zefo, which was named by Deloitte this year as one of the UK’s fastest growing technology companies in its tech Fast 50 Awards.
Zego told City AM that he plans to expand to six more European countries this year.