Insurtech Zego has teamed up with on-demand rental company Splend to provide cover for its UK fleet.
This is a result of the Australia-based Splend moving its HQ to London. The pay-per-mile deal means Splend will avoid the upfront cost usually associated with insurance policies. In addition, the process of adding cars to the policy is more intuitive than with a traditional insurer and Splend can focus on growing its UK fleet.
Zego will also offer Splend a better understanding of its own drivers’ behaviour. This will be achieved through analysis of telematics data generated by black boxes inside cars. Additionally, Splend can improve its decision-making when it comes to resource distribution. The risk of accidents will also be reduced.
Sten Saar, CEO and co-founder of Zego, said: “In a short space of time, Splend has become one of the leading forces in the new mobility sector and the company’s trajectory and ambitions very much mirror our own. Both Zego and Splend are committed to using data to modernise the way that fleets of cars operate and to reduce risk and this is just the beginning of a partnership which we hope will see us work in unison around the world.”
Splend was founded in Australia in 2015 and has raised $10m in equity to date and expanded to nine cities in Europe, the Americas and Australia. The company recently relocated its HQ to London to help support the 90,000 Uber drivers in the capital.
Zego’s latest partnership will see it provide fleet cover for e-scooters in France and Belgium, as it looks to continue expansion. The London-based insurance start-up provides on-demand cover for gig economy workers in the UK and Ireland and commercial cars in France.
Zego’s partnership with e-scooter sharing scheme Dott will see its policy integrated into the latter’s signup process, meaning all customers will automatically have comprehensive cover. Dott will cover the costs without passing them on to consumers.