Berlin-based insurtech, wefox Group is making its global push with the launch of a new tech platform – wefoxGo – which the company is giving to insurance brokers for free amid concerns that the crisis is affecting insurance brokers’ sales.
Wefox Group brought forward the release of wefoxGo after realising that the coronavirus (COVID-19) is transforming the insurance industry by accelerating the pace for digital distribution.
Julian Teicke, chief executive of wefox Group, said: “There’s a real risk that all brokers’ businesses will be severely impacted by coronavirus. The direct sales of insurance companies will definitely increase from currently nine percent, but online sales of life and health insurance products will sharply decline during the crisis. We are talking about 90 percent of all insurance sales globally being at risk. Therefore, we created wefoxGo to help insurance brokers through this crisis.”
WefoxGo allows insurance brokers to connect their calendars to schedule meetings and conduct consultations via the platform’s video conference functionality enabling both brokers and customers to communicate anywhere with a network connection. Brokers can access wefoxGo in three simple steps:
1. Sign-up at http://www.wefoxgo.com
2. An email will be sent within 48 hours with access details
3. Login to the platform to start assisting customers.
Last month, wefox Group reported an almost 200 percent increase in the usage of its video conferencing tool since the coronavirus started and expects to at least double this figure as more people are expected to work from home over the coming weeks.
WefoxGo is a slimmed-down version of the full-service Advisor portal which currently exists in wefox Group’s core markets of Austria, Germany, Italy, Spain and Switzerland. WefoxGo is now available to all insurance brokers globally.
Wefox Group raised $125m in its series B round in March 2019 and a further $110m in December 2019 taking its total 2019 funding to $235m.
About wefox Group
wefox Group is the parent company of ONE and wefox. The company was founded in 2015 by Julian Teicke, Fabian Wesemann, Dario Fazlic and Teo Martino. Wefox Group raised $125m in its series B round in March 2019 and a further $110m in December 2019 taking its total 2019 funding to $235m.
Since launching in 2015, wefox Group has grown its revenues to over USD$130 million. It has nearly 600 employees serving more than 500,000 customers in nine countries.
The wefox platform is a fully digital marketplace that connects insurance companies with brokers to give customers a simplified and easier customer experience. Wefox has 2085 sales agents managing more than 500,000 customers with a premia under management of more than USD$300 million.
ONE is Europe’s first fully digital insurance company. ONE Insurance was launched in 2017 and has already exceeded 130,000 contracts making it Europe’s fastest growing insurance company.