WeGroup: unleashing the full potential of insurance distribution channels
A lot of insurance trends and innovation efforts have to do with buzzwords like hyper-personalised insurance products, embedded insurance or direct digital sales in general.
Most of the insurance business still goes through traditional insurance intermediaries. In Europe for example, insurance intermediaries account for a 73% market share. And no matter whether they are tied agents or independent brokers, they often lack the means and tools to meet digital requirements, let alone the trends mentioned above. In their daily activities, instead of being able to focus 100% on their clients, intermediaries struggle with inefficient processes, high overhead costs, compliance, legal matters et cetera.
This is where WeGroup comes in. Offering a digital distribution platform, WeGroup enables intermediaries and their insurance carriers to advise, sell and underwrite products in a digital and compliant way. In addition, with the use of external data sources, the platform enables an agent to identify opportunities for cross- and up-sell within the existing client portfolio. Lastly the platform can be used for partnerships with third parties to offer embedded insurance.
As a result, insurance distributors can meet today’s high customer expectations, when it comes to online quotes and service, digitally as well as hybrid, resulting in a better customer experience, efficiency gains and new business opportunities.
Today, WeGroup is servicing more than 1000 intermediaries and is used on a daily basis by over 2000 commercial advisors all over Europe. Additionally, WeGroup partners with some of the world’s biggest insurance carriers such as Allianz and AXA. In addition to the platform for independent intermediaries, WeGroup has recently launched a new business line, focusing on tied agency carriers and bank insurers.
With their innovative platform, WeGroup has already won over 20 international awards: the Global Startup Award in Hong Kong, the Belgian Startup of the Year award, Vivium’s Digital Insurance Award and many more.
How it works
Through WeGroup’s platform, commercial advisors can initiate digital sales conversations. During these conversations, prospects and clients are asked to fill in a minimum of information, which is then enriched by over 900 external data sources to give an accurate view of the customer’s needs and risk profile. Subsequently, this profile is linked to the perfect insurance solution or set of products. Ultimately, the advisor can finalize the underwriting process externally or choose products from WeGroup’s connected product catalogue, allowing underwriting at various connected local carriers, MGA’s and insurtechs. WeGroup’s digital sales conversations can be used in full accordance with the distributor’s strategy. Therefore, the platform allows usage by an advisor together with the client, but also enables self-serve usage by an end customer or integration into the website or services of a third-party vendor, such as car dealerships or real estate companies.
Why we selected WeGroup for DIA Amsterdam 2022
WeGroup’s Online Distribution Platform for insurance intermediaries and (embedded) third party vendors is a great addition to our line-up of speakers at DIA Amsterdam 2022. They focus on an intermediary target group that is not only substantial but also growing, with new players emerging through trends like embedded insurance.
WeGroup enables anyone – intermediaries as well as third parties – to sell insurance products in a fully digital way, with a great experience and a minimum of customer information needed. Enabling every single insurance distributor to offer an enhanced customer experience, digital sales, embedded insurance and online advice.
What will be presented at DIA Amsterdam 2022?
Arvid De Coster, WeGroup CEO & Co-Founder, will show the Distribution Channel Platform, WeGroup’s Online Distribution Platform for insurance intermediaries and (embedded) third party vendors and how it can be used by any third party vendor (car dealer, bike store, dentist et cetera). He will also demonstrate how the post-underwriting data can be used to enhance upselling and cross selling opportunities within the existing portfolio.
WeGroup was founded in 2017 in Ghent, Belgium, initially as a B2C digital insurance broker, pivoting in 2019 to become a digital distribution platform for intermediaries.
Co-founders Arvid De Coster, Remi Wildschut, Bjorn Vuylsteker and Sebastiaan Van Hoecke combine insurance, finance and academic backgrounds. They lead a team of now 40+ members who are active in Belgium, France, The Netherlands, Poland, Greece and Cyprus.
WeGroup raised an initial € 7.5M with Truffle Capital (Paris), Seederfund (Brussels) and several smaller investors and is currently raising Series A. WeGroup has doubled its revenues year over year, and serves over 1000 insurance intermediaries and insurance carriers like AXA, Allianz and Baloise.
”WeGroup exists to change the way insurance is sold and serviced. Therefore, we are working day and night to become the number one insurance distribution platform in the galaxy.”Arvid De Coster, CEO and Co-founder WeGroup