wefox/ONE: Combining Europe’s largest insurtech with the first digital European licensed insurance carrier
The combination of wefox &ONE is winner of the DIAmond Award. Reinventing insurance at scale. A solution for brokers to manage all customers & increase revenue. wefox, formerly known as FinanceFox, is the largest insurtech startup in Europe. The German insurance platform enables customers, insurance brokers and insurance providers to transact and manage insurance products digitally. The successful startup recently acquired ONE, a fully digital and newly launched insurance provider backed by MunichRe. ONE is integrated into the wefox platform as an innovation partner. Initially, its products will comprise home contents and liability cover, but the portfolio will expand to cover all aspects of life. By integrating ONE into the wefox platform, wefox underscores its path-breaking role in the InsurTech marketplace.
The thinking behind the merger is that the digital-only insurance company can act as flagship business on the wefox platform, integrating at a deeper level and therefore offering a better customer experience. This in turn should help to pull the rest of the insurance industry into the digital age, which is wefox’s long term vision.
wefox empowers the users to manage their insurance products smartly. The company combines the personal advice of a traditional insurance business with modern app technology, thereby bringing together the evolved needs and expectations of customers, insurance brokers and insurance companies. wefox is a new kind of broker that taps into the needs of consumers and insurance carriers alike, leveraging to the max what digital has to offer. They are very successful with already more than 150.000 end customers and over 600 brokers in 3 countries
ONE is setting the direction the insurance industry is heading in terms of data access. Its procedures, both front and back office, are fully digital, allowing customers to pick and purchase an insurance product in three minutes. The digital customer experience extends to claims-management. With mobile claims reporting, claims can be settled, and in 60 percent of claims the money will be transferred into a customer’s account in under a minute. Data is also handled in real-time, allowing customers to check their current insurance status instantly.
ONE will remain independent and won’t be coupled with selected insurance products either by wefox or by the 100s brokers who use the platform to manage their customers’ insurance needs. In fact, ONE itself will be evaluated by the algorithmically generated customer satisfaction score within the system, just like the other insurance products offered through wefox.
Advantages of the winning combination:
The broker only has to open his laptop and to enter the digital meeting room. No more lost time by driving to customers or doing admin work. The broker can fully focus on consulting customers.
- Increasing customer interaction from 2 to 10 per day
- Easily manage existing customers
- Generate new customers
- Appointment generation service: customer info change, data analytics
- Digital consultation technology
- Appointment preparation service
- Admin & first level service
- Get loyal customers through increased interaction
2.Next Gen API:
Insurance companies connect to the wefox platform through Next Gen API.
Allowing insurance companies to be connected to the largest global distribution channel: the brokers:
- Reduce admin costs
- Sustainable sales
- Data insight
The first insurer that is fully integrated is ONE.
Through the integration into wefox, ONE is the only digital carrier that can be scaled up through the low CAC’s of wefox. As a result ONE has solved the distribution /CAC issue digital insurance companies are facing.
- Instant coverage
- 100% digital (no more paperwork)
- Instant claims
Why we selected wefox/ONE for DIA Munich
wefox has proven itself to an be innovative and successful European insurtech platform solving problems of brokers, insurers, and end-customers. By integrating ONE into the wefox platform, wefox underscores its path-breaking role in the InsurTech marketplace. The combination of wefox and ONE allows the group to reinvent insurance at scale and reinvent through ONE and scale through wefox. Providing fully digital, excellent insurance products to European markets. Briljant!
Who is wefox /ONE
After building up Switzerland’s most successful e-commerce site, DeinDeal.ch, Julian Teicke and Dario Fazlic looked for a new business model that would resolve a global pain point. They teamed up with Julian’s father Hartmut Teicke who had been in the insurance industry for more than 30 years. Julian and Dario had the perfect symbiosis of “old and new economy” to found FinanceFox in November 2014.
wefox raised more than EUR 50 mio to-date. In 2017, they rebranded FinanceFox to wefox. As in less ‘finance’ and more ‘we’ because they can’t/won’t/don’t want to…do it alone.
wefox Group operates two businesses: wefox (www.wefox.com) & ONE (www.one-insurance.eu). Julian Teicke, who until now has served as wefox’s CEO, is wefox Group’s CEO and will concentrate fully on strategic management. Stephan Ommerborn, formerly an executive at Zurich Insurance Group for many years, is CEO at ONE. Ommerborn has been building up ONE since 2016 and has played a key role in driving the development of the transparent digital insurance carrier.
Julian Teicke, CEO and co-founder rocking the DIA Munich stage
Presenter: Julian Teicke
Contact info: Fabian Wesemann
Email: [email protected]
Telephone: +491 7683470870