Commercial motor insurer Zego, with support from Swiss Re, has teamed up with bp, an integrated energy company, to provide professional insurance for bp’s electric vehicle trial in London, called “bp EV Pro.”
The package is designed specifically for ride-hail drivers in London, and aims to make it more appealing and convenient for drivers to opt to lease an electric vehicle (EV), while significantly reducing emissions.
As part of the bp EV Pro package, which includes other benefits such as access to bp’s charging network – bp pulse and servicing and maintenance – Zego’s professional insurance will be provided to ride-hail drivers as soon as the car is delivered.
Founded in 2016, Zego is a London-based insurtech that provides insurance for entire fleets of vehicles to self-employed drivers and riders. It offers a range of cover options from flexible pay-as-you-go insurance to annual policies, and so far, has provided more than 17 million insurance policies and covered more than 200,000 vehicles in five countries.
The company in March 2021 raised $150 million in Series C funding and became the UK’s first insurtech unicorn.
Cutting carbon emissions and limiting the fallout of climate change are the biggest challenges that society faces, said Zego in its announcement about its bp partnership.
Given that cutting carbon emissions and limiting the fallout of climate change are the biggest challenges society faces, this partnership will contribute to reaching the UK’s and the global net-zero ambitions, said Zego in its announcement.
“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,” commented Simon Welton, market head P&C UK & Ireland at Swiss Re.
“Through our support of Zego, and by extension ride-hail drivers’ adoption of electric vehicles, we fulfill our vision of making the world more resilient by promoting safer roads and supporting the transition to a net-zero carbon economy,” Welton added.
“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,” commented Sten Saar, CEO of Zego, in a statement.
“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.”
Deepshikha Vasishta, global fleet director at bp, explained: “bp EV Pro offers a driver everything they need to run their business in one easy weekly payment. It includes a brand new PHV licensed electric vehicle car, charging from the bp pulse network, PCO insurance, comprehensive servicing including maintenance and breakdown cover. We partner with Zego given their flexible approach to insurance, especially in the ride hail market.”
(Editor’s note: PCO is an acronym for “Public Carriage Office,” a division of Transport for London. PCO insurance covers London taxis that are licensed by the PCO. PHV is an acronym for private hire vehicle).
*This story ran previously in our sister publication Insurance Journal.