wefox is the insurtech startup rapidly ascending to prominence, becoming a member of the status of different fintechs like Monzo and Starling Financial institution.
The Berlin-based startup wefox Group has been the insurtech to observe ever because it raised US$125mn in a sequence B fundraising spherical led by Mubadala in December 2019. The group is liable for the creation of consumer-facing insurtech app and service ONE, in addition to its titular insurance coverage platform, wefox. Funds raised from this spherical will contribute in direction of the insutech’s growth into the European dealer market, in addition to constructing upon its superior knowledge analytics. We take a better look.
Right now the corporate serves over 1,500 brokers and over 400,000 prospects. wefox Group is headed by co-founder Julian Teicke, and was based in 2017. Based on TechCrunch, Teicke shared that the startup generates a income of US$40mn.
Buyer expertise stays on the heart of the group’s operations because it “champions the shopper’s possession and full management of their knowledge as a basic precept. [It] believes that possession of knowledge is a fundamental human proper.”
wefox is a digital market for insurance coverage, leveraging expertise to streamline and simplify the insurance coverage business by connecting insurance coverage suppliers, distributors and prospects. As 91% of insurance coverage merchandise are nonetheless offered by people and never automated companies, it focusses on brokers as the first distribution channel.
Wefox is a digital platform that connects insurance coverage suppliers, distributors and prospects. It was based just a little sooner than the group itself, in 2014, by Julian Teicke, Dario Fazlic, Fabian Wesemann, Jonathan Seoane and Teodoro Martino. It’s presently headed by Tasos Chatzimichailidis. wefox is a digital platform that connects insurance coverage suppliers, distributors and prospects.
The platform places an actual emphasis round belief and safety: the explanation why insurance coverage got here to be within the first place. The platform serves three prospects: basic prospects, who can converse to brokers for assist; brokers, who can entry the platform to handle and seek the advice of with their prospects digitally; and insurance coverage firms, who can achieve direct entry to distributors while leveraging huge knowledge and straightforward processes to be able to run data-driven campaigns to succeed in goal audiences.
ONE is the newest addition to the wefox portfolio, based by a workforce of consultants led by Stephan Ommerborn in 2018. It’s the first digital insurer to grow to be absolutely built-in with the wefox market. It seeks to create proactive safety by figuring out dangers by way of AI and IoT gadgets. It began out within the German market with Family and Personal Legal responsibility, and plans to develop its vary to extra choices quickly.
One thrilling function that ONE is quickly to introduce is journey insurance coverage that may be simply logged by way of the app for journeys away. It’s designed to routinely finish when travellers return to their house nation.
ONE insurance coverage just lately featured in our Prime 10 cutting-edge house and rental insurtechs.
Do you know? wefox Group’s product, ONE, has obtained constructive critiques from actor and entrepreneur, Ashton Kutcher: “The best way individuals are shopping for insurance coverage is altering and ONE is on the forefront of that change.”
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