Zego secures French broker licence

Insurtech Zego has secured an insurance broker licence in France.

The licence was awarded by the French regulator ORIAS which will support the insurtech’s continued expansion across Europe eliminating any friction when Zego enters into new deals with the EU-based partners following the Brexit transition period.

It follows Zego becoming the first UK insurtech to be awarded an insurance licence last year in November allowing the company to buy and sell its own policies . It also increased its staff headcount of 200, aiming to double this in 2020.

It hopes the move will future-proof the business. Zego has plans to capitalise on the fast-evolving fleet and new mobility market in France and across Europe.

Huge market

Sten Saar, chief executive and co-founder of Zego, said: “Europe is a huge market for us with a lot of exciting opportunities, and by securing a French broker licence, we have given ourselves the freedom to operate without any friction post-Brexit.

“Just like the UK, in [mainland] Europe we’re seeing a gradual shift from the ownership of vehicles to usership, and our flexible and modern approach to insurance puts us in a great position to meet new demand arising from this trend.”

Currently Zego operates in five countries including the UK, Ireland, France, Belgium and Spain – and the London-based company now provides flexible insurance to a number of French fleets since its July 2019 partnership with a micro-mobility company named Dott.

Founded in 2016, Zego provides flexible insurance policies for fleets and individuals in the mobility industry, including vehicle-sharing, car-leasing and delivery companies.

Its current partners include WeFlex, Splend, Deliveroo and Uber.