Wefox
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| wefox Insurance AG | |
| Financial services | |
| ISIN | 🆔 |
| Industry | Insurance |
| Founded 📆 | 2014 |
| Founder 👔 | |
| Headquarters 🏙️ | Berlin, Germany |
Number of locations | 8 offices in Europe (2021) |
Area served 🗺️ | |
Key people | Julian Teicke (CEO), Fabian Wesemann (CFO), Dario Fazlic (Chief Revenue Officer) |
| Members | |
Number of employees | 1000+ |
| 🌐 Website | https://www.wefox.com/en-de |
| 📇 Address | |
| 📞 telephone | |
wefox is a German digital insurtech company headquartered in Berlin, Germany. Founded in 2014, it is the parent company of its in-house insurance carrier wefox Insurance, and has over 2 million customers in five European countries.
wefox utilises API technology and focuses on bypassing the direct-to-consumer model of insurtech competitors by selling a range of personal insurance products on its fully digital platform through both in-house and external brokers...[1]. In June 2022, the company received a US$4.5 billion valuation[2] despite a 45% fall of global fintech stocks, increasing wefox's valuation by 50% from US$3 billion in 2021[3]. According to the company website, it has over 1200 employees and over 3000 advisors across 8 offices, and is both Europe's number one digital insurer[4] and Germany's fastest growing insurance company[5].
History[edit]
FinanceFox (2014)[edit]
wefox was originally founded as FinanceFox in November 2014 in Zürich, Switzerland by CEO Julian Teicke. The company began as an idea between Teicke and his father, whom had worked in the insurance industry for over 30 years, providing a single mobile app for customers to store and manage their existing insurance policies. The success of the app allowed Teicke to obtain permission to sell his own insurance products through FinanceFox; after a successful angel funding round, the brand transformed to a fully digital insurtech platform and was reinvented as wefox[6][7] with the addition of Fabian Wesemann and Dario Fazlic as co-founders.
wefox (2015 to present)[edit]
wefox was founded by CEO Julian Teicke, CFO Fabian Wesemann, and Chief Revenue Officer Dario Fazlic in 2015. The platform launched with the aim of using technology to connect brokers to their customers and insurers, and make the insurance landscape simpler and more transparent. The company claims to set itself apart from its competitors by being driven by its prevention-first philosophy, utilising API and IoT technology to predict and prevent damage before it occurs and reduce the likelihood of a customer requiring a claim[8].
In June 2017, wefox acquired digital insurance carrier One, with the intention of acting as a flagship business on the wefox platform[9].
In February 2018, the Berlin insurtech startup raised a seven figure investment from American actor Ashton Kutcher[10]. In the same year, the company launched wefox Insurance, its in-house insurance carrier.
In March 2019 the company secured an investment sum of US$125 million from Abu Dhabi’s state investor Mubadala Investment Company, Goldman Sachs and CreditEase, as well as existing investors AngelList, Horizons Ventures, Idinvest Partners, Seedcamp, Speedinvest and Target Global[11]
In March 2020, the wefox group launched wefoxGo amid COVID-19 concerns for insurance brokers. The platform was formed to allow insurance brokers to connect their calendars to schedule meetings remotely, and conduct consultations via the platform’s video conference functionality[12]
In March 2021, wefox detailed its plans to launch wefox prevent in line with its risk-prevention philosophy, utilising smartphone data to warn users of impending danger[13]. In June 2021, the company received a valuation of US$3 billion with US$650 million raised in a series C funding round. Following this, wefox claimed to target an expansion of the firm into the US and Asia[14]. In September 2021, wefox announced the appointment of Peter Huber, former CEO of Zurich International, as its Chief Insurance Officer[15]
In June 2022, the company received a US$4.5 billion valuation after raising US$400 million in a series D funding round[2].
Annual reports[edit]
The reporting of wefox Insurance AG is subject to the regulatory provisions of the Financial Market Authority (FMA). In order to provide transparency on the solvency and capital situation of wefox Insurance AG, the SFCR (Solvency & Financial Condition Report) is also published, which fulfills the requirements of the European Solvency 2 guidelines.
The 2020 annual financial statements were fully audited by the auditing firm PriceWaterhouseCoopers (PwC) in March 2020 and approved by the Annual General Meeting of wefox Insurance AG in March 2020.
References[edit]
- ↑ "Wefox grabs $400M to buck the insurtech downturn trend". TechCrunch. Retrieved 2022-07-31.
- ↑ 2.0 2.1 Mason, Emily. "Bucking Grim Fintech Trend, German Digital Insurance Provider WeFox Raises $400 Million For Expansion To U.S. And Asia". Forbes. Retrieved 2022-07-31.
- ↑ "Wefox gains $4.5bn valuation in face of insurtech sell-off". Financial Times. 2022-07-12. Retrieved 2022-07-31.
- ↑ "How wefox Makes Insurance Simpler with API-First Design". Stoplight. Retrieved 2022-07-31.
- ↑ "Julian Teicke Speaking at Europe's Largest Insurtech Conference". Insurtech Insights Europe. Retrieved 2022-07-31.
- ↑ "Timeline: The story of wefox". insurtechdigital.com. 2021-07-07. Retrieved 2022-07-31.
- ↑ "Rising star: Julian Teicke". insurtechdigital.com. 2021-07-02. Retrieved 2022-07-31.
- ↑ "Message from Julian, wefox CEO". www.wefox.com. Retrieved 2022-07-31.
- ↑ "Wefox acquires digital insurance carrier One". TechCrunch. Retrieved 2021-11-28.
- ↑ "Berlin insurtech startup Wefox raises investment from Ashton Kutcher". Tech.eu. Retrieved 2021-11-29.
- ↑ "Insurance technology firm Wefox secures $125 million in financing". Reuters. 2019-03-06. Retrieved 2021-11-29.
- ↑ "Insurtech wefox launches broker platform amid COVID-19 concerns - Reinsurance News". ReinsuranceNe.ws. 2020-03-30. Retrieved 2021-11-29.
- ↑ "German Insurtech Wefox Plans to Launch Product that Warns of Looming Danger". Insurance Journal. 2021-03-11. Retrieved 2021-11-29.
- ↑ "wefox targets US and Asia expansion after raising $650m - Reinsurance News". ReinsuranceNe.ws. 2021-06-01. Retrieved 2021-11-29.
- ↑ "wefox hires former Zurich Intl. head Huber as Chief Insurance Officer - Reinsurance News". ReinsuranceNe.ws. 2021-09-20. Retrieved 2021-11-29.
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