Wakam: Insurer B2B2C & Creator of bespoke and embedded insurance
It is difficult for insurance distributors to deliver an insurance product quickly, the same goes for launching a product in several countries at the same time. Wakam’s Play&Plug platform is a single-entry point, regrouping all partners’ digital services. In particular, it enables distribution partners to build tailor-made insurance products in a very short time and manage the technical results of their live portfolios. Wakam is a European digital insurer, that also provides embedded insurance products to its distribution partners in a B2B2C white-label model.
How it works
The platform Play&Plug brings together all of Wakam’s services for its distribution partners and reinsurers. It has tools designed to simplify the distribution journey, including a dashboard to manage technical results and tools to create tailor-made insurance products in complete transparency. White-label subscription funnels, APIs and Widgets are also available on Play&Plug for non-insurance companies willing to distribute embedded insurance with their products & services. Wakam has also designed a new Policy Admin System based on a blockchain open-source solution. Thanks to these technological assets, its Partners are able to co-create bespoke insurance products in just a few weeks.
Why we chose Wakam for ITC DIA Europe 2023?
Wakam wishes to participate in the transformation of the insurance sector and facilitate the implementation of the new rules of the game in a move toward greater transparency and awareness of companies’ societal and environmental impact. Since 2021, Wakam has been a mission-driven company whose purpose is “enabling transparent and impactful insurance”.
Wakam was on stage at both DIA Amsterdam and DIA Munich last year. This year, you can find them at their booth at ITC DIA Europe 2023! Since being on the stage last year, they have not sat still! They have created the “Wakam for Good” endowment fund. The fund is replenished by commercial partners and finances charity initiatives benefiting populations in financial and psychological distress. Wakam’s platform Play&Plug is now available and used by all its partners. A new version dedicated to its reinsurance partners is also available.
Who is Wakam?
In 2000, Olivier Jaillon bought La Parisienne Assurances (France’s oldest insurer) and completely rethought its strategy in 2015 to transform it into Wakam in 2020. Wakam headquarters is in Paris with offices across Europe, in London, Milan and Munich. Wakam is now present in 32 countries, with the majority of its turnover generated outside France.
Wakam serves more than 150 distribution partners across Europe, including insurance specialists (brokers, MGAS, insurtechs) and non-insurance brands (retailers, marketplace, fintechs) in a wide range of markets: mobility, home, travel & leisure, health & well Being, professionals, loan protection and inclusive insurance.
Wakam has established over 450 partnerships with a large number of European insurtechs such as Zego and Manypets, and MGAs. Through these partnerships, Wakam provides white-label insurance for companies that are disrupting their business sector, like Deliveroo, or Revolut.
Wakam is a solid and profitable insurer with a 24% average annual growth rate since 2017. Its turnover stood at €654m in 2022 (~44% growth) with 66% of international turnover. It has won numerous awards, including being listed in Financial Times 1000, Les Echos 500, Insurtech 100 and SonR 100.
“We are a mission-driven company whose corporate purpose is to enable transparent and impactful insurance.”Olivier Jaillon, Chairman of the Board, Wakam