Zego, a UK-based insurtech, announced on Tuesday it was granted its insurance broker license in France. Founded in 2016, Zego states it provides customers “top-of-the-range” custom products to explore the “full potential” of their entrepreneurial spirit.
“Insurance hasn’t changed in more than a century. But the ways that we live, work and travel have. We share our vehicles. We mix and match flexible jobs. We demand solutions at the tap of a button. Traditional, annual insurance policies can’t keep up with our ambitions. One size no longer fits all. Welcome to Zego. Insurance made flexible. Simple. Better.”
Speaking about the new license, Sten Saar, CEO and co-founder of Zego, stated:
“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 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.”
Zego’s new French broker license comes just a few months after the firm claimed its insurance license in the UK. The company, which secured $42 million through its Series B funding round this past June is backed by twelve different reinsurers, including Swiss Re. At the time, Saar shared:
“The license is also an essential ingredient in our mission to transform the insurance sector, by creating flexible policies which better reflect risk and truly cater to the fast-evolving world of mobility,” said Saar. “We have already started selling our own products but will continue to partner with other insurance companies, with this collaboration still a crucial part of our business model.”
Zego currently operates in the UK, Ireland, France, Belgium, and Spain.