InsurTech company wefox is integrating digital insurance carrier ONE 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."