Digital Insurance Agenda

Wenalyze: Easy, fast and accurate underwriting

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Jun 1, 2022

Commercial insurance companies use data to make all their decisions, but 2 out of 3 SME’s data are wrong or outdated. This happens because underwriting processes are currently very extensive and manual, which allows errors to take place. Poor quality of data makes losses more unpredictable, leaving insurers to face high levels of loss ratio. 

For insurers, it is crucial to know who they are dealing with in order to price the risk correctly, but often 60% of the data needed for commercial insurance underwriting is wrong. Wenalyze found a way to make all the needed data for commercial insurance underwriting and pricing accurate. Resulting in lower loss ratios as insurers better assess the risk upfront.  

How it works

Wenalyze collects client information from thousands of Open Data Sources to update, verify, and enrich insurer data. This analysis helps insurers to develop faster underwriting, detect fraudsters or identify cross-selling opportunities.  

The analysis also builds risk indicators that combined with the insurer’s pricing models enable them to make better underwriting decisions, improving their loss ratio levels and yearly savings.  

Wenalyze technology applies AI and Open Data Analytics, and has proven results with data improvements in 85% of SME customers.  

A use case of Wenalyze: a small insurance company struggled with inaccurate customer data. This meant they were basing risk decisions on wrong information and missing important details about their clients. The company couldn’t accurately calculate insurance premiums for each customer.  

After applying Wenalyze’s solution, the insurance company automated processes and increased its productivity by 90%. Also, the insurance company was able to identify 65% of new decisions related to hidden risk factors and selling opportunities. 

Why we think you should keep an eye on Wenalyze 

There are a number of things that make Wenalyze unique. Wenalyze is currently working with insurers from 3 continents in different languages. The platform is multilingual and offers complete flexibility in terms of connectivity, allowing any insurer to connect with the solution regardless of their IT capabilities.  

Moreover, their solution can be implemented automatically, which means that they only need two weeks in order to start working with you. They also work with all carrier sizes, regardless of their portfolio or budget. Finally, they are the only player in the market that provides insurers with sustainability indicators, which opens a door for the development of new eco-friendly products.  

They have been Global Finalist of ACORD InsurTech Innovation Challenge 2020 & Global finalist of Zurich Innovation Championship 2020 & 2022. Last year, they were named the Best Startup in seed stage by Startup Valencia. Recently, they have closed an investment round of €1,7 Million. 

Wenalyze team

Who is Wenalyze? 

Wenalyze, officially founded in 2018, is an insurtech startup with offices in Spain and London. They have the goal to become one of the most remarkable players of this industry in Europe. Wenalyze’s team consists of 18 different professionals that have the best of both worlds: innovation & experience in the insurance industry.  

“Actionable Data are the digital’s era new golden”  

Carlos Albo, CEO and Co-Founder

Visit their website!

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