The insurance industry is ripe for disruption, with the vast majority of insurance policies across Europe still sold via high street brokers. wefox has developed a digital platform which enables insurance brokers to automate administrative tasks, consult with customers and accelerate lead generation.
wefox is Europe’s largest digital insurance platform with significant existing scale in Germany, Austria and Switzerland. wefox benefits from increased scale as it negotiates better commission terms with insurance providers, compared to smaller insurance brokers. The company has also launched a fully digital insurance product – ONE – that integrates with the wefox marketplace.
wefox can analyse data sets and distribute ONE insurance products to the most profitable customer cohorts which leads to best-in-class Customer Acquisition Cost (“CAC”) and loss ratios. This is a highly disruptive and profitable business model to operate. wefox has indicated that it will continue to increase its presence in Europe and move to both the US and Asian market.