Irish mobility startup partners with UK insurtech Zego
The company which is based in Galway launched in 2019 and made the headlines after providing zero-carbon emission transport options to health workers at the height of the pandemic last year. Unable to travel on public transport due to potential infection, Brite put their fleet of eco-friendly vehicles at health workers disposal.
Now the company has teamed up with Zego and is looking to expand its fleet across Ireland.
Zego is also a startup but was founded in 2016 and specialises in usage-based insurance for fleets. The insurtech’s solutions are priced on real fleet usage data rather than guesswork and its current market includes courier fleets, private hire and new mobility operators.
Zego currently leads the UK kick scooter insurance market, and its presence in the Irish market was formed through partnerships with its ride-hailing firms. The company also recently became the first UK insurtech to obtain a European broking license, helping it to grow in EU territories.
The collaboration between the insurtech, Zego and Brite, means that businesses, university campuses and delivery services that use its fleet of e-vehicles will be automatically insured.
The move also makes Brite the first micro-mobility company in Ireland to provide full coverage to its riders.
Zego data sharing
The new relationship between Zego and Brite enables the companies to share trip data, which will help the insurtech to price its insurance based on usage with pay-as-you-go options rather than blanket cover.
The flexibility in Zego’s product will positively support Brite’s cash flow, reducing large upfront costs and freeing up funds which can then be utilised for growth, expansion, and future product innovations.
When Brite launched in 2019, it began providing zero-carbon shared vehicles to businesses, delivery services and university campuses in several cities across Ireland and Northern Ireland. The enterprise has plans to increase its fleet over the next 12 months after the Irish Government’s announcement to draft legislation on e-scooter and e-bike regulation.
Brite has offered its support on this legislation and has requested a call for minimum safety standards, including comprehensive insurance for riders, which Brite now provides with its Zego partnership.
Colin Barry, CEO and founder of Brite Mobility, explained, “The team at Zego has helped us address key safety concerns around our network connected e-scooters, e-bikes and e-mopeds which has allowed us to focus on running our business and achieving our goals.”
Barry added, “We’re big believers that adopting micro mobility services will help corporations, governments, and others not only achieve their carbon emission goals but also move their people around in a safe and efficient manner, without having to deal with traffic and the costs associated with parking cars and vans in our cities.”
Ines Feracci, director of B2B at Zego said, “Micro-mobility has become a hot topic as businesses and consumers around the globe shift their focus to reducing carbon emissions and making more sustainable choices.
Feracci concluded, “It is companies like Brite that are going to help our cities become far more sustainable over time, particularly in Ireland. At Zego, we are pleased to be aligned with these types of businesses, and are looking forward to a long-lasting relationship with Brite.”
Akur8’s US$30mn Series B to fuel US and APAC expansion
Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.
The company strives to embody four key values:
- Challenging a status quo that doesn’t benefit customers
- “Disrupt the known, organise the unknown”
- Provide artificial intelligence (AI) tech with a distinctly human edge
- Create solutions that will endure the test of time
At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”
Transforming insurance pricing
In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.
“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”
Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”
Cover image source: Akur8