Zego has reached a headcount of 200 after tripling its workforce in the last 12 months.
The London-based insurtech recently surpassed 230 million hours’ worth of flexible insurance policies sold, while also expanding to its fifth European country.
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By GlobalDataThey are also the first insurtech to be awarded its own insurance licence, which allows the company to create and sell its own policies and work with partner insurers.
In the last few months, recruiters have taken on engineers, data scientists, and specialists in sales, operations and pricing. The company expects to double its headcount in 2020 and expand its products in more countries.
Founded in 2016, Zego provides insurance policies for fleet businesses and new mobility services including car sharing, car leasing and scooter companies.
Current partners include WeFlex, Splend, Deliveroo and Uber.
Zego CEO and co-founder Sten Saar said: “Zego has grown rapidly over the last 12 months, and the fact that we’ve been able to do this in a sustainable way is testament to the brilliant team we’ve built here, with a strong community based on shared values.
“We’ve been lucky enough to attract an amazing amount of talent from all over the world, and this diversity of thinking has been a key ingredient in our success to date. With several important partnerships already on the horizon in 2020, I have no doubt that this year will be even bigger than the last.”
Zego was awarded an insurance licence in November 2019, the first UK insurtech to achieve this.
It can now build and sell its own products, backed by 15 reinsurers including Swiss Re. Furthermore, it enables the firm to innovate and implement product changes in less than 24 hours.
In addition, Zego aims to use the insurance licence to harness the data in collates to develop automated pricing technology. it will monitor driver behaviour and external data to offer personalised policies in proportion to each customer’s true level of risk.
