Zego becomes the first UK insurtech to secure a European broking license
London-based provider of pay-as-you-go insurance Zego has become the first UK insurtech to secure a European broking license, paving the way for the company to continue its expansion across Europe. Awarded by the Dutch regulator AFM, this license will enable Zego to work with EU-based insurance partners and customers to provide their products in more countries, without friction in the aftermath of the Brexit transition period, which ends on 31 December 2020.
Today, Zego serves customers across a number of countries in Europe, including Ireland, France, Spain, Belgium and Italy, working with brands, such as French e-scooter company Dott and FREENOW in Ireland. The company has opted for a Dutch insurance license with AFM after evaluating a number of EU jurisdictions, due to both the similarities between the Netherlands’ and UK’s regulatory systems and AFM’s supportive approach to technology companies.
“We have big plans for the European market and by securing this license, we now have the freedom to continue expanding into new territories and providing new EU-based customers with smart, data-driven insurance. 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.” – Nick Pester, General Counsel at Zego.