wefox, the Berlin-based Insurtech, has launched a global affinity business that augments its existing distribution channel and expands the company’s ability to deliver insurance solutions through partners.
This core business vertical is part of the company’s overall technology platform strategy where wefox connects insurance companies with insurance product distribution partners. The team, led by Tomaso Mansutti and Pierfrancesco Ricca, will target an estimated US$3 trillion global market with embedded insurance alone.
wefox explained that its affinity partners are companies that do not have insurance as their core business and form a partnership with wefox to distribute insurance as an additional source of revenue.
In Germany, the new country head, Gunther Bleich, will lead the local affinity business. Last November saw two additions to the team: Thomas Rettenwander heads the Affinity business for Austria, while Daniele Del Bo was appointed Group Business Development Director for Affinity Automotive. Other hires are in process.
“By making our affinity business global, we are not only leveraging our affinity knowledge and experience, but also ensuring that each of our partners benefits from more product and service solutions,” commented Tommaso Mansuti, Group Head of international partnerships at wefox.
“We will continue to develop bespoke insurance products for our affinity clients, but for us a mutually successful affinity business is also about culture and authenticity. We collaborate and always put our customers at the center of every decision we make together,” he said.
“wefox provides innovative cross-channel solutions that enable our partners with new revenue streams and increase customer loyalty. The technology that wefox offers creates new possibilities, from insurance built into electricity for new mobility, to new insurance possibilities using entirely new variables. All of this is offered to the insurance carriers for our partners,” added Mansuti.
“This is a perfect fit and a huge market opportunity for wefox. Through our existing capabilities, experience and industry knowledge in insurance, distribution and technology, we will deliver value for our clients and succeed in this space,” said Pierfrancesco Rica, Group Head of Affinity Partnerships.
“We support the insurance business. Through our extended platform model, we are uniquely positioned to offer clients the technology and services they need to build and execute successful programs,” Rika continued.
“wefox provides end-to-end digital journeys, from promoting and selling products and services through our partner channels, to managing renewals, bidding and cross-selling, claims and a detailed and regular system for reporting the progress of the entire program.”
“Our model allows our partners to make affinity insurance a core part of their business and ensure they retain full control,” said Rika.
“This is achieved through our simple and transparent process. We have built robust systems and processes and can easily integrate with all stakeholders to ensure robust compliance, customer satisfaction and top business performance, regardless of the complexity of the business in terms of product solutions, insurers – the best performer for each product, channels and participating third parties or countries.’
wefox said affinity partner businesses enhance their core business by selling embedded and/or stand-alone insurance solutions that enable them to generate additional revenue, increase customer loyalty and differentiate their offerings. Some of them, with the right support, have the potential to become leading insurance players in their markets, wefox added.
Founded in 2015 by Julian Teicke, Fabian Wesemann and Dario Fazlic, wefox is a full insurance company that is doubling its revenue every year to reach USD 580 million in 2022. It serves more than 2 million customers in Austria, Germany , Italy, Poland, Netherlands and Switzerland, where wefox currently operates.
In July 2022, wefox closed a US$400 million Series D funding round at a post-cash valuation of US$4.5 billion. In June 2021, wefox closed a record Series C investment round for insurtech worth US$650 million at a post-money valuation of US$3 billion.
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