FinTech profile: wefox, the fastest growing insurtech
The Berlin-based startup wefox Group has been the insurtech to watch ever since it raised US$125mn in a series B fundraising round led by Mubadala in December 2019. The group is responsible for the creation of consumer-facing insurtech app and carrier ONE, as well as its titular insurance platform, wefox. Finances raised from this round will contribute towards the insutech's expansion into the European broker market, as well as building upon its advanced data analytics. We take a closer look.
Today the company serves over 1,500 brokers and over 400,000 customers. wefox Group is headed by co-founder Julian Teicke, and was founded in 2017. According to TechCrunch, Teicke shared that the startup generates a revenue of US$40mn.
Customer experience remains at the center of the group’s operations as it “champions the customer’s ownership and full control of their data as a fundamental principle. [It] believes that ownership of data is a basic human right.”
wefox is a digital marketplace for insurance, leveraging technology to streamline and simplify the insurance industry by connecting insurance providers, distributors and customers. As 91% of insurance products are still sold by humans and not automated services, it focusses on brokers as the primary distribution channel.
Wefox is a digital platform that connects insurance providers, distributors and customers. It was founded a little earlier than the group itself, in 2014, by Julian Teicke, Dario Fazlic, Fabian Wesemann, Jonathan Seoane and Teodoro Martino. It is currently headed by Tasos Chatzimichailidis. wefox is a digital platform that connects insurance providers, distributors and customers.
The platform puts a real emphasis around trust and security: the reason why insurance came to be in the first place. The platform serves three customers: general customers, who can speak to brokers for help; brokers, who can access the platform to manage and consult with their customers digitally; and insurance companies, who can gain direct access to distributors whilst leveraging big data and easy processes in order to run data-driven campaigns to reach target audiences.
ONE is the most recent addition to the wefox portfolio, founded by a team of experts led by Stephan Ommerborn in 2018. It is the first digital insurer to become fully integrated with the wefox marketplace. It seeks to create proactive protection by identifying risks through AI and IoT devices. It started out in the German market with Household and Private Liability, and plans to expand its range to more options soon.
One exciting feature that ONE is soon to introduce is travel insurance that can be easily logged via the app for trips away. It is designed to automatically end when travellers return to their home country.
ONE insurance recently featured in our Top 10 cutting-edge home and rental insurtechs.
Did you know? wefox Group’s product, ONE, has received positive reviews from actor and entrepreneur, Ashton Kutcher: “The way people are buying insurance is changing and ONE is at the forefront of that change.”
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