Zego trialling sales with brokers

Zego is in trials on selling its usage-based motor policies in partnership with brokers, co-founder and CEO Sten Saar told Post.

Pay as you go motor insurtech Zego, which launched on 1 August 2016, was founded to target the gig economy. It has since branched out into ride hailing, ride sharing, car rental and scooter sharing.

While it has been hit by a fall in demand during the coronavirus crisis, Saar, pictured, explained to Post in an exclusive interview that the firm had also seen increased levels of interest from brokers in its flexible products.

Saar said: “We’ve had, relatively, quite a few brokers come to us, and we are talking to them [about] how we could potentially work together.”

Saar stressed it was “early days” but confirmed the business “definitely wants to explore this avenue”.

The relevance of the company’s usage-based products is increasingly coming to the fore, he explained adding that brokers saw the advantage for customers over traditional annual products.

“Why would a broker one off for that?” he asked.

On exploring partnerships with brokers he continued: “We are running couple of trials and we’ll be scaling it as we go.

“If there are brokers out there who think we should work together then we’ll have conversations.”

In the full interview available in next month’s issue of Post, Saar shares his belief in the insurtech achieving its significant growth ambitions, how he came into the market nearly four years ago and why he is committed to it for the long haul with no prospect of ramping the firm to sell it.

The ambition is to become a global giant as big as Axa or Allianz and a multi-line player operating in five continents within 10 years.

Since launching just under four years ago with co-founder Harry Franks, Saar has grown Zego to provide over 230 million hours of insurance protection to over 110,000 vehicles.

In the article he explains data driven approach which he believes is part of the formula which will help Zego deliver the ambitious plans.

In his view brokers, managing generals agents and insurers use different infrastructure and data gets lost in between them.

“In the traditional insurance world, everyone has their own little lake where they drink from.

“We’ve got one big lake and then all those different parts of the business drink from that lake.”

Adding: “We’ll be able to be so much more cost effective, scalable and insightful, and so forth.”

For more opinions and insight read the interview in full online and in Post magazine in June.

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