It will enable Zego to work with EU insurance partners
Insurtech Zego has secured a European broking licence providing a foundation for the firm’s expansion.
The Dutch regulator AFM awarded the licence. It will enable Zego to work with EU-based insurance partners and customers so it can establish itself in new territories without friction once the Brexit transition period ends on 31 December 2020.
Nick Pester, general counsel at Zego, said: “We have big plans for the European market and by securing this licence, we now have the freedom to continue expanding into new territories and providing new EU-based customers with smart, data-driven insurance.”
This means that the business can continue as normal in these key markets.
The news comes one week after Zego announced its acquisition of Portugal-based telematics app Drivit.
Pester added: “Just like in the UK, the insurance market in Europe has barely changed for decades and unsurprisingly there is now a growing appetite among businesses for more modern, flexible and accurately-priced insurance policies.
“We are in the perfect position to meet this demand and look forward to partnering with many more businesses across the EU in the coming years.”
After evaluating EU jurisdictions, Zego selected a Dutch insurance licence with AFM due to the similarities between the Netherlands’ and UK’s regulatory systems. AFM is also supportive of technology companies.
Zego serves customers in Ireland, France, Spain, Belgium and Italy. It works with French e-scooter company Dott and Free Now in Ireland.