Insurtech's Marshmallow & Zego: The New Breed of Fintech Startups Transforming Insurance
Two of the most successful Insurtech startups in the UK, Marshmallow and Zego recently set up in Gibraltar. For our February Fireside Chat we are hosting Oliver Kent-Braham, CEO and Co-Founder of Marshmallow and Don McCormack VP of Growth at Zego to discuss their startup experience, evolution and growth of the companies within the traditional and heavily regulated insurance industry, using technology to provide more accessible and economic insurance products, how to overcome the challenges and why Gibraltar fit their businesses. The discussion will be moderated by Michael Ashton the Senior Finance Centre Executive responsible for Insurance within Gibraltar Finance, with opening remarks delivered by Hon. Minister for Digital & Financial Services Albert Isola MP.
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’s 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 a number of other insurance products in a number of 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.
Zego has been in business for five years and focuses on providing insurance on a flexible basis for drivers working in the last mile delivery space, for companies such as Deliveroo. Since 2016, the team has embraced the challenge of removing barriers to live, work and travel however you please, for example offering insurance products to customers on a mile or hourly basis, by . Zego now provides simple, flexible policies via app, web and phone, covering all kinds of enterprise at any size. The company continues to launch new products and expand into new countries and recently widened their scope to commercial fleets.
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 up 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.
Join us for insights into a global vital industry being dynamically transformed by technology with Marshmallow & Zego.
HM Government of Gibraltar
Minister for Gaming, Finance & Digital Services
The Honourable Albert Isola MP is Gibraltar’s Minister for Gaming, Finance & Digital Services with the primary responsibility of raising Gibraltar’s profile as an established onshore, mainstream & well-regulated financial services centre. He is also responsible for financial services policy, product development, and responding to international initiatives such as international tax compliance.
An accomplished and experienced speaker, Mr Isola has delivered keynote addresses at major financial services seminars and conferences in various countries. He is also responsible for financial services policy, product development, and responding to international initiatives such as international tax compliance. As such and supported by the Finance Centre Director and team, he works closely with the financial services regulator, the Financial Services Commission. Particularly noteworthy is his leading role in the establishment of the Gibraltar International Bank, a first for Gibraltar as a home-grown full-service credit institution that was launched in 2015.
Albert was appointed Minister for Commerce following a Government re-shuffle in October 2016. He has been a member of the GSLP/Liberal Administration since his by-election win for Gibraltar’s governing parties, the GSLP/Liberal Alliance, on 4 July 2013. Mr Isola had previously been a GSLP member of the Opposition in the then ‘House of Assembly’ (‘Parliament’ under the new constitution) from 1996 to 2000. Prior to re-entering Parliament, Albert had been a Partner at a major Gibraltar international law firm from 1985 to 2013.
During his long and successful legal career, Albert gained extensive experience in all aspects of property acquisition, development and financing, and was at the forefront of Gibraltar’s residential and commercial property development.
As part of his legal practice, Albert was at the forefront of Gibraltar’s development as a real alternative to the larger established funds jurisdictions with a wealth of experience in the financial services sector. He also regularly acted as an adviser to the Financial Services Commission.
Albert was educated at Stonyhurst College, Lancashire (1973 to 1980) and read Law at Kingston University (1980 to 1983).
Gibraltar Finance (HM Government of Gibraltar)
Senior Finance Centre Insurance Executive