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Zego Awarded Insurance Licence in Gibraltar

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Zego, the Swiss RE-backed UK insuretech, in November 2019 awarded an insurance licence to operate as an insurer in Gibraltar.

This step allows Zego to act as a carrier and build and sell its own products under Gibraltar domicile and regulations.

Zego was launched in 2016 in order to provide flexible insurance for the gig economy and has since expanded its B2B offering to cater to the fast-growing market of new mobility services, such as fleet and scooter sharing.

Sten Saar, the company’s CEO and co-founder, said the move will allow the firm to develop automated pricing technology through monitoring driver behaviour and analysing external data, and then overlaying that data with weather data and a police database along with traffic patterns in the database.

Zego policies are backed by 15 reinsurers rated A or above by global rating agency AM Best, including industry giant Swiss Re, which said it’s in it for the long-haul with the UK insuretech.

Saar said that the licence is part of Zego’s mission to change the insurance industry through the creation of flexible policies, but he also underscored that their role as a broker between insurance companies and policy seekers will continue to make up the bulk of its business.

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