Zego teams up with energy giant for EV service offering

Insurtech and commercial motor insurer Zego has partnered with integrated energy company bp on an electric vehicle (EV) service trial proposition.  

With financial backing from Swiss Re, the two firms will provide professional insurance as part of bp’s all-inclusive EV subscription service.  

The package, which is designed specifically for professional ride-hail drivers in London, aims to make it more appealing and convenient for drivers to opt for an EV by ensuring that they are covered by the correct insurance as soon as their vehicle is delivered. 

The new EV pro package also includes access to bp’s charging network, bp pulse, as well as provides EV servicing and maintenance.  

Sten Saar, Zego’s chief executive, said: “The electric vehicle market will have a huge role to play in the UK reaching its net zero target by 2050 and we are already seeing businesses across the country adopt EV fleets to reduce carbon emissions.   

“With our flexible, usage-based insurance product, we are supporting bp’s trial by providing affordable solutions to ride-hailing drivers.

”This partnership is a huge milestone for Zego and we look forward to building a lasting relationship with bp.” 

Founded in 2016, Zego recently raised $150m in a series C funding round, making it the UK’s first insurtech unicorn.  

Electrification  

Swiss Re sees electrification as one of the major trends in the mobility landscape.  

Swiss Re believes its partnership with Zego and bp will help the UK reach its net zero ambitions - it describes cutting carbon emissions and the fallout from climate change as being the biggest challenge the UK faces as a society.  

Simon Welton, market head of property and casualty, UK and Ireland at Swiss Re, said: “Swiss Re is pleased to be supporting Zego with our solutions and risk insights, knowledge and reinsurance capacity. Our vision is to make the world more resilient.  

“Through our support of Zego, and by extension ride-hail drivers’ adoption of electric vehicles, we fulfil our vision of making the world more resilient by promoting safer roads and supporting the transition to a net zero carbon economy.” 

Deepshikha Vasishta, global fleet director at bp, added: “bp EV pro offers a driver everything they need to run their business in one easy weekly payment.  

“It includes a brand new [private hire vehicle] licensed electric vehicle car, charging from the bp pulse network, [public carriage office] insurance, comprehensive servicing, including maintenance and breakdown cover.

”We partner with Zego given their flexible approach to insurance, especially in the ride-hail market”