Wakam: Creator of embedded insurance through its ‘Play & Plug’ tech platform
One of the main pain points for insurance distributors is the time to market to deliver an insurance product, as well as the difficulty of launching a product in several countries at the same time.
In order to solve these pain points, Wakam has developed a technology platform and a digital onboarding methodology that allow its insurance distributors to be more agile and enable them to create an insurance product, launch it in several European countries in a few weeks and monitor its performance in real time.
Wakam is a Digital B2B insurer that creates white label innovative insurance solutions for all types of distributors (insurance specialists or non-insurance players), in 32 European countries. As part of its 100% digital offer, Wakam develops tailor-made and embedded insurance products that can be developed in a very short time to market.
How it works
Wakam gives its partners access to a suite of business components and fully digitalized services through its ‘Play & Plug platform’ enabling them to design tailor-made insurance solutions in just 6 weeks, or even less than a day for some products. With its platform, its partners can determine in complete autonomy the parameters that best meet their needs (deductibles, coverages, commission, etc.) and rapidly develop their product.
Thanks to this ‘Play & Plug platform’ Wakam can provide all its P&C products in the form of APIs. which has enabled strong growth: more than 360 million data are handled every month, 300.000 calls made on their APIs every day and more than 600.000 insurance policies administered in their blockchain.
Why we selected Wakam for DIA Amsterdam
Wakam’s vision is that insurance should be embedded with the products and services of distributors and on-line platforms, to better protect consumers and accompany the evolution of our society from an ownership to a usage economy.
That they manage to successfully concretize this vision, is illustrated by their previous showcases at DIA, which have won them the DIAmond Award for insurtech with most strategic impact.
At DIA Amsterdam Olivier Jaillon, CEO of Wakam, will share with us new inspiring insights as well as their latest innovative developments.
Who is Wakam?
Wakam continues the long history of La Parisienne Assurances, one of the oldest independent French insurance companies founded in 1829, with a renewed brand consistent with the company’s current identity – Digital and Global. The insurer is fully independent, with 2 solid and long-term shareholders: a family office and the CEO Olivier Jaillon, who bought La Parisienne in 2000.
With a 2020 turnover of €417M, Wakam has achieved an average annual growth rate of 30% over the last 6 years, with 61% of its business done outside France. Wakam is one of the top 20 P&C insurers in France, with the ambition of becoming Europe’s digital insurance leader. In 2020 Wakam was included on the Financial Times “Europe’s Fastest Growing Companies” list.
Wakam currently supports over 370 partnerships. Particularly adapted to the challenges of the new economy, Wakam’s unique solutions have attracted the most promising and innovative insurtechs in Europe such as, Zego, Inshur, Luko, Qover, +Simple. Through these partners, Wakam is the white-label insurer of companies that are leading change in their sector, such as Deliveroo, Uber, Dott, Meero, or Getir.
Recently in December 2021 Wakam teamed up with Back Market, leading marketplace for refurbished electronic devices, and i-surance (part of international insurtech bolttech) to launch its device insurance in the United Kingdom.
“Our Play&Plug tech platform will enable us to strike the right balance between fast delivery, continued innovation and robustness.”Olivier Jaillon – CEO & CPO Wakam
Interested to find out more about Wakam? Click here to go to their website!