The telematics team will now be fully incorporated into Zego
Zego has bought Portugal-based telematics firm Drivit.
The deal will allow Zego to collect real-time driver behaviour data in-house, which it said will in turn improve commercial motor insurance pricing, saving customers time and money.
Zego can price policies based on traditional factors, driver behaviour and working habits data. The insurtech claims it can collect amounts to five times more data per vehicle than its competitors.
The Drivit team will now be fully incorporated into Zego and is already embedded into Zego’s Sense app – its telematics solution.
Sten Saar, chief executive and co-founder at Zego, said: “At Zego, we want to revolutionise the way that commercial motor insurance is priced, and I believe that this acquisition is an important step towards achieving this goal.
“Owning a market-leading telematics solution gives us the ability to not only collect real-time behavioural data, but also crucially to layer this information on top of our other existing data sources.
”A data-centric approach is key to Zego’s strategy going forward and the acquisition of a pioneering telematics company like Drivit will help us to lay the foundation for future innovation and disruption in the industry.”
Zego will use this acquisition as a springboard to scale and expand into new products, markets, and territories faster than it ever has done before.
Drivit has been a long-term partner of Zego.
Gonçalo Farinha, co-founder at Drivit, said: “Drivit was created to untangle the constraints of existing telematics technologies, helping car insurers to develop a new breadth of products and services that use driving behaviour and contextual data to cater to the specific needs of each driver.
“We are embarking on this journey with Zego not only because its mission perfectly aligns with the role, we envisioned for Drivit in the world, but also because it is uniquely positioned to dramatically accelerate this shared vision into becoming a reality.”