Zego has become the first UK insurtech to get its own insurance license - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 25 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 51%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Zego just became the first licensed UK insurtech, but it's a trend that's already been proliferating in the US:

than minimum wage, so cheaper and more flexible insurance options — that they only have to pay for when working, for example — are likely attractive alternatives. And as a licensed insurer, Zego also has greater control over pricing and can leverage its tech capabilities to price policies according to a customer's true level of risk — by looking at driving behavior, for example.

The US already boasts several insurtechs operating as carriers, and incumbent insurers should take note of this trend. While Zego is the first licensed UK insurtech, this is a trend we've already seen proliferating in the US: Unicorns Lemonade, Oscar Health, Clover Health, and Root all operate as carriers, and of note, Lemonade also recently got licensed in the Netherlands for its European expansion plans. raised $47 million as it plans to become an insurance carrier.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines