Wakam : Creator Of Insurance Solution For B-Partners
Wakam is a French digital B2B insurer that creates white label innovative insurance solutions for all types of distributors (brokers, insurtechs, e-retailers), in 13 European countries. Wakam is known for its unique digital offer. The company provides all its P&C products in the form of APIs and hosts more than 300,000 policies in its private blockchain, allowing it to automate policy and claims management. As part of its 100% digital offer, Wakam develops tailor-made and embedded insurance products that integrate perfectly with the product or service they protect.
Partners get access to a suite of business components and fully digitalized services enabling them to design tailor-made insurance solutions in just 6 weeks, or even less than a day for some products. They recently presented their new Selfservice platform, with which partners can now autonomously determine the parameters that best meet their needs (deductibles, coverages, commission, etc.) and develop their product in a few hours.
Wakam’s vision is that insurance should be embedded with the products and services of distributors. This helps to better protect consumers and accompany the transformation from ownership to a usage economy. Wakam aims to become a Mission-driven company by the end of 2020 and is convinced of the key role of insurers in the pursuit of social and environmental progress.
With over 240 partnerships in Europe with innovative insurtechs, Wakam is growing fast. In March 2020, they were picked up by the Financial Times to be included in “Europe’s Fastest Growing Companies,” ranking No.1 in the Top 50 largest turnovers. They’ve also won several awards at conferences like Italian Insurtech Summit and Spain Insurance World Challenges in 2020.
How it works
Why we selected Wakam for DIA Prime Time
Wakam has previously shown their innovative connected usage-based auto insurance, for which they won a DIAmond Award at DIA Amsterdam 2019.
Their demo this year will feature their platform to onboard partners and create their products in less than a day (with all the technical features associated like CRM, Blockchain, API portal and subscription front). This will allow brokers, insurance distributors and startups to easily and quickly produce their own bespoke insurance product in the form of an API, in complete autonomy in just a few hours.
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.
With a 2019 turnover of €382M, Wakam has achieved an average annual growth rate of 37.2% over the last five years, with 55% of its business done outside France. Particularly adapted to the challenges of the new economy, their solutions have attracted the most promising and innovative insurtechs in Europe such as, Zego, Inshur, Luko, ByMiles, Qover, Lovys or +Simple. Through these partners, Wakam is the white-label insurer of companies that are renewing their sector, such as Deliveroo, Uber, Dott, Meero, or Tesla.
“Our new brand, Wakam, is a better reflection of our identity as a pioneer of 100% digital B2B2C insurance, our rapid international growth and forward-thinking approach. More than just a brand change, Wakam is our declaration to offer quality and socially responsible insurance in France and around the world.” Olivier Jaillon, Wakam Chief Executive & Enablement Officer of Wakam
Olivier Jaillon and the Wakamees
Check out their DIA Prime Time video here: