Founded in 2015, Berlin-based wefox Group is a platform that connects insurance providers, brokers and customers. The app lets brokers on-board existing customers to deliver a better experience and manage their clients' coverage easier.
Once wefox started digitising insurance distribution, they added ONE, an integrated distribution channel and wefox Group's consumer service. Part of this product is modular and allows customers to trigger coverage only when engaging in the activity. According to CEO and co-founder Julian Teicke, wefox allows:
Our customer can choose whether to (1) avoid the risk, (2) have the perfectly customised coverage in case something happens or (3) carry the risk. This is why the purpose of wefox Group is 'To enable people to be safe' rather than 'feel safe'.
In January 2016, wefox Group raised $5.5 million. Salesforce Ventures led the round, with participation from AngelList, Idinvest, Seedcamp and Speedinvest. The app wefox launched was built on the Salesforce platform. Wefox committed the funding to marketing and sales activity in Switzerland and Germany.
Wefox Group, in September 2016, raised $28 million. Target Global and Horizons Ventures led the round, which included participation from Salesforce Ventures, Idinvest, Speedinvest, Seedcamp, AngelList, Victory Park Capital and Samuel Skoblo.
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- InsuranceEquitable transfer of the risk of a loss, from one entity to another in exchange for payment
- Insurance TechnologyAn industry around technology applied to insurance sometimes also referred to as Insurtech or Insuretech, whereby companies sell or distribute insurance or related products (such as data) digitally.