People’s Champion finalist 2018: Zego

Start-up name: Zego
Founders: Sten Saar, Harry Franks, Stu Kelly
Started in: 2016
Based in: London
Business description: Global insurtech company providing commercial insurance for flexible workers

Shortlisted category:

Venture-funded Business of the Year

The Zego story

One of the many downsides to being part of the ‘gig economy’ is the lack of specialist insurance protection.

Enter Zego, the insurtech company that aims to provide insurance for businesses and professionals that’s as flexible as even the most fluid working pattern.

Founders Sten Saar, Harry Franks and Stu Kelly believe that insurance has the capacity to “go back to being perceived as a force for good.”

The right insurance package, they believe, will “empower a customer to do something better, something more,” to take risks and use their assets, or skills, to make money. They aim to galvanise the traditional insurance industry, tapping into a UK market worth £31bn and a global one worth £500bn.

Unlike traditional insurance models, Zego charges by the hour, allowing for ultimate flexibility. This is ideal for workers such as delivery drivers, who often work irregular hours. Since Zego charges only for the time spent actually working, customers are only buying insurance for when it is actually needed. Zego is deeply integrated into the digital platforms such as Uber, Deliveroo and Quiqup, ideal for those who find work through these apps.

The founders pride themselves on running a ‘one stop shop’ for insurers, partnering with providers such as Aviva, RSA and Calpe but carrying out all the sales, pricing, policy management and payments themselves. This in-house model allows them to carry out further analysis and risk-assessments based on live data from users.

If all that wasn’t clever enough for you, Zego is also exploring the field of telematics (the use of tracking hardware and software) in order to pioneer real-time risk-reducing software for drivers.

Why Zego made our shortlist:

Zego has taken its £8m in VC and angel investment and applied it to a mission that simultaneously reinvigorates this corner of the traditional insurance market.

The ‘gig economy’ has received a lot of bad press recently, but Zego is actively working to improve it and make it a safer and easier industry for those who staff it.

Where to find out more about Zego:

Website: www.zego.com
Twitter: @Zegocover