German ‘insurtech’ Wefox plans risk-prevention product

German ‘insurtech’ Wefox plans risk-prevention product

News: German ‘insurtech’ Wefox plans risk-prevention product.

BERLIN (Reuters) – German insurance technology startup Wefox plans to launch a risk prevention product that uses data from smartphones and other connected devices to warn users of impending dangers, its founder and CEO Julian Teicke told Reuters on Thursday.

The product, called Wefox Prevent, is being developed by a Paris-based team that was recently discontinued by Samsung, the Korean electronics giant that has also supported Wefox, and is expected to go live next year.

“We don’t just want to be an insurer that distributes policies,” said Teicke in an interview with Reuters. “With this team on board, we will develop into a risk prevention company based on technology.”

The use of data from mobile phones or digital smart homes can warn of an impending danger, e.g. B. for drivers with poor road conditions or before opening a window at home when a storm threatens.

The risk prevention product will not process personal data at the price of Wefox’s products – a common complaint among younger drivers who often have to consent to digital surveillance in order to get an affordable insurance contract.

“The data are only used for risk prevention – and not for other purposes,” Teicke told Reuters.

The Berlin-based company Wefox is currently in talks with potential investors about a new round of financing. Sources familiar with the matter last raised a total of $ 235 million from investors in 2019.

The company, founded in 2015, reported that consolidated sales doubled to 119 million euros last year. The core brand ONE accounted for 33.8 million euros – a fivefold increase in gross written premiums – and achieved a breakeven point.

ONE is now renamed Wefox Insurance AG. This reflects a change in strategy towards marketing own products. In addition to the existing platform from Wefox, which connects brokers with customers and still accounts for the largest part of group sales.

Teicke predicted that group sales would double again this year and said Wefox would “optimize” its profitability. The company will begin marketing under its own brand in Switzerland and Poland in the first quarter and plans to expand into Italy this year.

($ 1 = 0.8403 euros)

Reporting by Douglas Busvine, Editing by Elaine Hardcastle

Original Source © Reuters

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