This deal redefines the collaboration between insurers and fleets. Instead of offering an annual premium, which is usually based on arbitrary measures, the partnership allows a tailor-made pricing model to be made, by analysing the fleet and its drivers’ historic behaviour. The data also improves decision-making when it comes to resource distribution and long-term risk.
Founded in 2016, Zego offers flexible, usage-based products that are already having a huge impact with self-employed, delivery and transport workers in the UK. The company’s fleet policy is a monthly subscription, with fleet owners paying a mileage rate.
WeFlex is a provider of vehicles to platforms including Uber and offers real-time data, collected from telematics (or ‘black’) boxes. This Data gives WeFlex in-depth insight into the behaviour of its customers.
Sten Saar, chief executive of Zego, said: “In the last few years, we’ve seen a flood of innovation across the transport and delivery sectors and so far the insurance industry has failed to keep pace. This is particularly so when it comes to insuring fleets of cars, with traditional insurers often adopting a one-size-fits-all approach, which fails to take account of actual exposure to risk on a real-time basis.
“With our fleet policy, we’re using technology to analyse billions of data points and provide a tailor-made product which allows fleet owners to see the big picture. We see this deal as a huge step in our move towards the B2B market.”
Nicko Williamson, CEO of WeFlex, said: “We have chosen to partner with Zego as they are an innovative player in the insurance market, allowing WeFlex to have a much more data driven, flexible approach to insurance.
“WeFlex plans to become the largest vehicle leasing business in the ride-sharing space and working with Zego will help us improve our product offering. This in turn will help our customers and enable us to scale our business.”