FinTech profile: wefox, the fastest growing insurtech
The Berlin-based st...
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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Check Point: Securing the future of enterprise IT
Cybersecurity solutions provider Check Point was founded in 1993 with a mission to secure ‘everything,’ and that includes the cloud. Conscious that nothing remains static in the digital world, the company prides itself on an ability to integrate new technology with its solutions. Across almost three decades in operation, Check Point, with its team of over 3,500 experts, has become adept at protecting networks, endpoints, mobile, IoT, and cloud.
“The pandemic has been somewhat of an accelerator in the evolution of cyber risk,” explains Erez Yarkoni, Global VP for Cloud Business. “We had remote workers and cloud adoption a long time beforehand, but now the volume and surface area is far greater.” Formerly a CIO for several big-name telcos before joining Check Point in 2019, Yarkoni considers the cloud to be “part of [his] heritage” and one of modern IT’s most valuable tools.
Check Point has three important ‘product families’, Quantum, CloudGuard, and Harmony, with each one providing another layer of holistic IT protection:
- Quantum: secures enterprise networks from sophisticated cyber attacks
- CloudGuard: acts as a scalable and unified cloud-native security platform for the protection of any cloud
- Harmony: protects remote users and devices from cyber threats that might compromise organisational data
However, more than just providing security, Yarkoni emphasises the need for software to be proactive and minimise the possibility of threats in the first instance. This is something Check Point assuredly delivers, “the industry recognises that preventing, not just detecting, is crucial. Check Point has one platform that gives customers the end-to-end cover they need; they don't have to go anywhere else. That level of threat prevention capability is core to our DNA and across all three product lines.”
In many ways, Check Point’s solutions’ capabilities have actually converged to meet the exact working requirements of contemporary enterprise IT. As more companies embark on their own digital transformation journeys in the wake of COVID-19, the inevitability of unforeseen threats increases, which also makes forming security-based partnerships essential. Healthcare of Ontario Pension Plan (HOOPP) sought out Check Point for this very reason when it was in the process of selecting Microsoft Azure as its cloud provider. “Let's be clear: Azure is a secure cloud, but when you operate in a cloud you need several layers of security and governance to prevent mistakes from becoming risks,” Yarkoni clarifies.
The partnership is a distinctly three-way split, with each bringing its own core expertise and competencies. More than that, Check Point, HOOPP and Microsoft are all invested in deepening their understanding of each other at an engineering and developmental level. “Both of our organisations (Check Point and Microsoft) are customer-obsessed: we look at the problem from the eyes of the customer and ask, ‘Are we creating value?’” That kind of focus is proving to be invaluable in the digital era, when the challenges and threats of tomorrow remain unpredictable. In this climate, only the best protected will survive and Check Point is standing by, ready to help.
“HOOPP is an amazing organisation,” concludes Yarkoni. “For us to be successful with a customer and be selected as a partner is actually a badge of honor. It says, ‘We passed a very intense and in-depth inspection by very smart people,’ and for me that’s the best thing about working with organisations like HOOPP.”