wefox Announces Milestone in the Digital Insurance Marketplace With Integration of ONE Into wefox Platform

BERLIN and COPENHAGEN, Denmark, June 26, 2017

  • ONE will be a fully licensed risk carrier and will be integrated into the wefox platform as an innovation partner from September 2017
  • ONE will operate as a transparent digital insurer, making its full range of innovations available to wefox innovation partners
  • ONE will set new standards in real-time data access, revolutionizing the customer experience.

At Money2020, an international FinTech event in Copenhagen, InsurTech company wefox is today announcing that it will be integrating a digital insurance carrier into its wefox platform. ONE, which will begin offering insurance to customers in Germany in September 2017, will be an entirely digital, mobile, real-time operation. ONE will be integrated into the wefox platform as an innovation partner. Initially, its products will comprise home contents and liability cover, but the portfolio will expand, going forward, to cover all aspects of life. By integrating ONE into the wefox platform, wefox underscores its path-breaking role in the InsurTech marketplace.  

Since wefox began operating 18 months ago, the InsurTech company’s platform has become firmly established as a marketplace for insurance solutions across Germany, Austria and Switzerland, offering insurance companies access to the high-growth broker sales channel. The service platform is open to all insurers. To date, wefox has succeeded in gaining more than 300 insurance companies, 600 brokers, and over 125,000 end-customers. In addition to a number of innovation partners in Austria and Switzerland, the companies ERGO, Barmenia and VHV in Germany have also come on-board with the aim of co-initiating product and process innovations for brokers and insurance customers through integration on the wefox platform. Agreements with other renowned partners are due to be signed shortly. 

Integrating ONE

Wefox is to integrate ONE into the wefox platform in order to keep pace with the digital revolution. ONE’s goal is to continuously improve the user experience for customers and brokers. Once integrated, the risk carrier ONE, operating transparently as a digital insurer, will be accessible to all the insurance companies in the marketplace. ONE will share its innovations and experience in full with its current and future wefox innovation partners in regular innovation labs.

Reinsured by Munich Re

Munich Re, which will provide ONE’s reinsurance cover, has been supporting product development and data analytics since January 2017 as well. Munich Re is convinced by ONE’s future-focused business model and the strategic and operational strengths of the parties involved. 

Digital, mobile, real-time

ONE is setting the direction when it comes to data access. All its procedures – in the front and back office – are fully digital. The process of applying for insurance is both extremely simple and supported by artificial intelligence. Customers can pick and purchase insurance, complete with easy payment, within three minutes. The company is redefining the customer experience in claims management, too: Claims can be filed through ONE’s mobile app. The aim is to process around 60 percent of all claims fully automatically and in real time. Because data is handled in real time, customers can check their current insurance status instantly. In addition, ONE will reward claim-free customers through a points system that returns part of their premium. 

Managerial changes

With ONE’s market entry and the involvement of the wefox Group, there are managerial changes at wefox. Julian Teicke, who until now has served as wefox’s CEO, is to become the 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. Says Stephan Ommerborn: “By integrating ONE into the wefox platform, we are cutting through structural dependencies to enhance insurers’ service levels. ONE is playing a path-breaking role when it comes to availability, ease of understanding and speed.”

About wefox

Initially formed under the FinanceFox brand in Switzerland in November 2014, wefox is an InsurTech company that unites insurance-sector expertise and extensive experience with advanced digital capabilities. Its wefox service platform enables customers, brokers and insurance companies to manage insurance and financial products and business processes smartly and efficiently. The wefox platform combines advanced technology with classic insurance-industry consulting. Since it began operating in Switzerland in 2015, in Germany in October 2015 and in Austria in March 2017, wefox has acquired more than 125,000 policyholders in record time. The company, which has more than 100 employees, works with numerous local insurance brokers in a continuously widening network, and is preparing to expand its activities into other countries.

About ONE

ONE is a transparent digital insurer started up by Stephan Ommerborn and Samir El-Alami in 2016. Munich Re is ONE’s official reinsurance partner. ONE is scheduled to begin operating in Germany in September 2017.

Further information: http://www.wefox.de / http://www.one-insurance.eu

Press Inquiries: 

FinanceFox Services GmbH
Victoria Krasnov
Tel. +49(0)30-220662365      

Fink & Fuchs AG
Tanja Walter-Dunne
Tel. +49(0)611-74131-45

SOURCE wefox