wefox, the Berlin-based insurtech, has launched a global affinity business, which increases its existing distribution channel and extends the ability of the company to deliver insurance solutions through partners.
This core business vertical is part of the company’s overall tech platform strategy in which wefox connects insurance companies with partners to distribute insurance products. The team, led by Tomaso Mansutti and Pierfrancesco Ricca, will be targeting a global market worth around US$3 trillion in just embedded insurance alone.
wefox explained that its affinity partners are businesses that do not have insurance as their core business and form a wefox partnership in order to distribute insurance as an extra source of revenue.
In Germany, the new country head, Guenther Blaich, will lead the local affinity business. Last November saw two additions to the team: Thomas Rettenwander is leading the affinity business for Austria, while Daniele Del Bo was appointed group business development director for Affinity Automotive. Other hires are in the process.
“In taking our affinity business global we are not only endorsing our affinity knowledge and experience, but also ensuring every one of our partners benefits from more than just products and service solutions,” commented Tomaso Mansutti, group head of International Partnerships at wefox.
“We will continue to develop bespoke insurance products for our affinity customers, but for us, mutually successful affinity business is also about culture and authenticity. We collaborate and always place our customers at the heart of every decision we take together,” he said.
“wefox delivers innovative solutions across channels that empower our partners with new revenue streams and increase customer loyalty. The technology wefox offers creates new opportunities, from insurance embedded in electricity for new mobility, to new underwriting capabilities using totally new variables. All this is offered to insurance carriers for our partners,” Mansutti added.
“This is a perfect fit and a huge market opportunity for wefox. Through our existing capabilities, experience and industry knowledge across insurance, distribution and technology, we will deliver value for our customers and succeed in this space,” said Pierfrancesco Ricca, group head of Affinity Partnerships.
“We are an insurance business enabler. Through our extended platform model we are in a unique position to offer the customers the technology and services that are needed to build and to run successful programmes,” Ricca continued.
“wefox delivers end-to-end digital journeys, from promoting and selling products and services through our partners channels, to managing renewals, upselling and cross selling, claims and a detailed and regular reporting system on the progress of the entire program.”
“Our model enables our partners to make affinity insurance a core part of their business and ensure that they retain complete control,” Ricca said.
“This is achieved through our simple and transparent process. We have built solid systems and processes and can easily integrate with all the stakeholders to ensure robust compliance, customer satisfaction and the highest business performance, regardless of the complexity of the business in terms of product solutions, insurers – the best performing one for each product – channels and third parties or countries involved.”
wefox said affinity partner businesses enhance their core businesses by selling embedded and/or stand-alone insurance solutions that allow them to generate additional revenues, increase customer loyalty and differentiate their offers. Some of them, with the right support, have the potential to become leading insurance players in their markets, wefox added.
About wefox
Founded in 2015 by Julian Teicke, Fabian Wesemann and Dario Fazlic, wefox is a full-stack insurtech that has doubled revenues every year to reach US$580 million in 2022. It serves more than 2 million customers across Austria, Germany, Italy, Poland, The Netherlands and Switzerland where wefox currently operates.
In July 2022, wefox closed a US$400 million series D funding round at a post-money valuation of US$4.5 billion. In June 2021, wefox closed a record series C investment round for an insurtech of US$650 million with a post-money valuation of US$3 billion.
Source: wefox
Topics InsurTech Tech New Markets Germany
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