London-based insurance tech firm Zego has expanded into Netherlands is ramping up its operations in France as it looks to take on a bigger slice of the European insurance market.
Zego, which last year became the UK’s first insurtech ‘unicorn’ – a business with a $1bn valuation – said it is eyeing up the £20bn European fleet insurance market with a new product that uses tech to help firms reduce premiums.
Sten Saar, CEO of Zego said: “Commercial vehicles now account for over 13% of the vehicles on our roads, the highest proportion ever recorded, and this number is rising, as technology continues to decentralise our shopping and travel habits.
“For the people and businesses managing these fleets, flexibility and control are both highly sought after, but driver behaviour remains a huge variable that is notoriously difficult to influence.”
Saar said that Zego was using data from drivers 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 ex-Deliveroo directors Saar and Harry Franks, is looking to capitalise on a consolidation in the European insurance market. The firm said that the Netherlands alone saw a 9% reduction of insurers between 2019 and 2020.
The Dutch and French expansion plans form the first steps of a wider European rollout for Zego, which was named by Deloitte this year as one of the UK’s fastest-growing tech companies in their tech Fast 50 Awards.
Zego told City A.M it was planning to expand into six more European countries this year.