London-based insurtech Zego has partnered with Broker Network and Compass Networks, two of the UK’s biggest networks of independent brokers that sit within Bravo Group. The partnership will help Zego to significantly expand its presence in the broker market and offer its innovative fleet products to a much wider pool of businesses.
Zego will benefit from access to a community of over 700 brokers, more than 60% of the UK independent broking community, thanks to its new partnership with Broker Network and Compass Networks. The insurtech can now easily on-board specific broker partners from across the two Networks, providing access to new and innovative fleet products to offer to their customers.
Zego’s fair and flexible approach to fleet insurance means that a fleet owner will only pay a premium that reflects the number of miles the vehicle actually covers, with those that are inactive only required to pay a base subscription rate. This usage-based model allows businesses to better align insurance costs with their workload and cashflow, while paying for a policy that better reflects their risk.
Zego, founded in 2016, provides a wide range of flexible B2B insurance products for fleet businesses and new mobility services, such as private hire, courier and micromobility businesses. Last year, the company became the first UK insurtech to gain its own insurance licence, enabling it to build and sell its own policies.
Gianluca Uberti, Director of Enterprise from Zego said, “We believe there are thousands of fleet companies out there which can benefit from our flexible, usage-based insurance products, and by working with Bravo Group and its brokers, we will be able to reach these.”
Jaime Swindle, Managing Director of Networks and Products added, “Usage based insurance policies have been in existence for some time. Client needs are constantly evolving and the demand for flexible insurance for business motor customers has increased significantly with the current climate as these customers adapt to the ‘new normal’.
“At Bravo Group we want our Networks’ insurer relationships to allow our brokers to provide their clients with products that are reflective of today’s world, and the partnership with Zego offers a number of innovative solutions to meet these demands. We are already seeing members respond well to this new offering and I am excited to see this continue to thrive.”