Insurtech’s Marshmallow & Zego: The New Breed of Fintech Startups Transforming Insurance

Insurance is a vital global industry that is dynamically transforming due primarily to technology and the vision of both new entrants and existing leadership teams. Part of the FinTech revolution, the emergence of Insurtech around a decade ago was driven by startups and venture capital that believed insurance was a fertile ground for disruption.

In the last 18 months two of the most successful Insurtech startups in the UK, Zego and Marshmallow have established their own insurance companies in Gibraltar – Zego in 2019 and Marshmallow in 2020. The Startup Grind Gibraltar February Fireside Chat will host Oliver Kent-Braham, CEO and Co-Founder of Marshmallow and Don McCormack VP of Growth at Zego. Together they will discuss their startup experiences, the evolution and growth of the companies within the traditional and heavily regulated insurance industry. Both firms have used state of the art technology to provide more accessible and economic insurance products. They will also discuss how to overcome the challenges and why Gibraltar is a perfect fit for their businesses’ evolution.

Opening remarks will be delivered by the Hon Albert Isola MP, Minister for Digital & Financial Services. The discussion will be moderated by Michael Ashton, Senior Executive responsible for Insurance within Gibraltar Finance.

About Marshmallow
Established in 2018 Marshmallow is a technology company that builds affordable, easy to use insurance products. As well as offering its customers a digital experience it has developed a new approach to determining risk. It currently uses this approach to offer car insurance to people who will often be overpriced or overlooked by traditional insurers. Since launching under 3 years ago it has grown to employ over 100 people, helps thousands of people find insurance every month and was most recently valued at over $300m. Marshmallow plans to build several other insurance products in several geographies.

Marshmallow had a clear requirement to find a location that would support their strategy of future expansion and set up in Gibraltar in December 2020. This will enable them to operate their new insurance company in an innovative jurisdiction that encourages and enables them to develop close working relationships in the region within the insurance market.

About Zego
Established in 2016, Zego is a ‘New Mobility’ insurance provider, powering opportunities for people and businesses by saving them time and money. Zego’s customers across the UK and Europe use vehicles to earn money.
Zego believes the problem with traditional insurance is that it holds businesses back. It is too expensive and time consuming – but it is essential. Zego solves this problem by designing data-led products for the way customers want insurance to work, saving them time and money. Since its inception, Zego has protected over 200,000 vehicles for thousands of businesses, from sole traders to fleets to global corporates.

Zego chose to base their company, Extracover Insurance Company Ltd, in Gibraltar because of the friendly, fast paced start-up environment Gibraltar provides. Zego wanted to be able to operate and open as quickly as they possibly could. Gibraltar provided them with the right conditions for this, as well as an opportunity to work closely with a fast-moving, proactive regulator.

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