The UK-based company, which was founded in 2016, currently insures as much as one-third of the UK’s food delivery market – including employees of Deliveroo, Uber Eats, Just Eat and other similar businesses. The 100 million hours of policies that it has sold equates to around 267 million individual pizza deliveries, half a billion e-scooter rides or 137,000 months of on-demand car subscriptions.
“Hitting 100 million hours of policies sold is a major milestone for us,” commented Sten Saar, CEO and Co-Founder of the insurtech, “and we expect this figure to significantly grow as we continue to expand rapidly across Europe. We recognised a gap in the insurance market [for flexible policies] and built a business model to fill it. Our digital-first approach to insurance places us at the forefront of new mobility services, and we look forward to forming new partnerships in the space.”
As well as gig economy platforms, Zego also provides insurance for new mobility services such as ride hailing / sharing and car rental. It is a potentially very profitable niche to target, as some estimates suggest that the number of people using such ride-share platforms will surpass 11 million next year. Zego’s coverage, which extends from minute-by-minute to hour-by-hour to annual, recognises that agility is the number one requirement for people working in and utilising these often precarious new industries. It will be interesting to see if the space expands to accommodate other providers using the same tactics.