Insurtech wefox sets up new AI-driven European tech hub
Berlin-based insurtech wefox has opened a new European technology hub, focussed on artificial intelligence (AI), to invent and build embedded insurance products for the market and further accelerate its growth strategy.
Based in Milan, Italy, the tech hub is the third of its kind for the business. The other two are based in Paris, France and Barcelona, Spain.
The latest hub will staff a team of tech experts and focus on AI, building and deploying cutting edge innovation with potential to disrupt the insurance industry.
Sergi Baños, chief technology officer at wefox, said: “I am excited by the synergy our customers and business partners will enjoy as a result of the expansion of our tech strategy and the opening of our new tech hub in Milan. We have proved already that AI helps us to increase product innovation, it increases productivity for our brokers, and it reduces fraud. In Milan, we will invent and build new technology to accelerate our embedded insurance products through our affinity partnerships.”
He added: “To be able to open our third tech hub off the back of our recent series D fundraising round of $400mn and our post-money valuation of $4.5bn – which is a 50% increase from our valuation last year of $3bn - is a real testament to our business strategy and discipline. We are reimaging insurance through technology. We are helping to keep people safe and prevent risk. We are making insurance 10 times better.”
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