Insurtech Wefox's new platform to help brokers amid COVID-19 crisis

Berlin-based insurtech wefox Group is making its global push with the launch of a new technology platform for insurance brokers whose sales have been impacted during the coronavirus (COVID-19) crisis.

The platform, wefoxGo, will allow insurance brokers to connect their calendars to schedule meetings and conduct consultations via the platform’s video conference functionality, enabling them to communicate with their customers anywhere with a network connection. It will be available to all insurance brokers globally.

The company said that it has launched the platform after realising that the coronavirus is transforming the insurance industry by accelerating the pace for digital distribution.

Wefox reported an almost 200 percent increase in the usage of its video conferencing tool since the coronavirus outbreak and expects to at least double this figure as more people are expected to work from home over the coming weeks.

Julian Teicke, chief executive of wefox Group, said: “There’s a real risk that all brokers’ businesses will be severely impacted by coronavirus. The direct sales of insurance companies will definitely increase from currently nine percent, but online sales of life and health insurance products will sharply decline during the crisis. We are talking about 90 percent of all insurance sales globally being at risk. Therefore, we created wefoxGo to help insurance brokers through this crisis.”

Wefox Group raised $125 million in its series B round in March 2019 and a further $110 million in December 2019 taking its total 2019 funding to $235 million.