The UK’s first indoor tech unicorn, Ziggo, completes the next step in its European expansion as it sets up in the Netherlands and significantly ramps up its operations in France.
The commercial car insurer will target the European fleet insurance market of over £20 billion by offering a product that rewards better and safer driving, and enable customers to save up to 20 per cent on insurance premiums upon renewal through proactive risk management. By adopting Zego’s insight-driven approach, fleet companies can also reduce the number of insurance claims they file annually by up to ten percent.
The international expansion comes after an exciting 12 months for Zego, in which the company increased its number of employees from around 300 in January 2020, to 637 today, and was recognized by Deloitte As one of the UK’s fastest growing technology companies in its 50th Rapid Technology Awards.
The news of the European launch comes as many traditional insurers consolidate on the continent, with a 9 per cent decline in insurers in the Dutch market between 2019 and 2020 alone. This has left fleet managers with fewer viable insurance options than ever, with many remaining providers still working on outdated, outdated classification models and time-consuming manual processes.
Comparatively, Zego’s technology-led offering is centered around a fully automated fleet gateway, harnessing information technologies to uncover behavioral insights that enable fleet managers to improve performance and control their premium pricing. In addition to providing fleet managers with the ability to save up to 20 percent in premiums upon renewal, the Zego fleet portal saves fleet customers up to 40 percent of management time, while also helping to improve route efficiency, reduce vehicle and driver downtime and reduce costs fuel, reduce wear and tear, lower maintenance bills, and ease congestion on the road.
Like the UK, France and the Netherlands have both seen operating costs covering fuel, wages and missile maintenance in recent months, meaning Zego’s more efficient approach could be a lifeline for many companies on the continent. Zego believes that aligning insurance premiums with fleet driving behavior can lead to a significant reduction in road collisions by commercial vehicles. Its data suggests its fleet offering is precipitating up to a 10 per cent reduction in claims, due in part to greater oversight of driver behaviour.
Stone IslandZego CEO, commented, “Commercial vehicles now represent more than 13 percent of vehicles on our roads, the highest percentage ever recorded, and that number is rising, as technology continues to decentralize our shopping and travel habits. For people and companies that operate these fleets, flexibility and control are highly sought after, but driver behavior remains a huge variable that is hard to influence.
“Informatics and data science technologies have proven they can improve driving behavior and, when combined with a financial incentive, have great potential to make fleets safer and less costly to operate. At Zego, we use this data to better understand risks than traditional insurers and other insurers, So we can offer more accurate pricing and more control; both of which have a halo effect that improve lives for everyone.”
Zego was founded in 2016 by ex-Deliveroo Directors, Sten Sarr and Harry franksand achieved immediate success after pioneering the rate-per-mile lock. This product allows fleet managers, self-employed drivers and passengers to pay only when their vehicles are in use. Since its inception, Zego has continued to revolutionize its commercial insurance products and now supports fleets and drivers working for companies such as AmazonAnd UberAnd BP and Deliveroo.