Wefox eyes ‘huge market opportunity’ with global affinity launch
European insurtech Wefox has launched its global affinity business to target a global market that it claims is worth nearly $3 trillion in embedded insurance alone.
The affinity business is part of the company’s overall tech platform strategy in which wefox connects insurance companies with partners to distribute insurance products.
The new core business vertical aims to increase the existing distribution channel for wefox and extend the ability of the company to deliver insurance solutions through partners.
The local affinity business in Germany will be led by Guenther Blaich as new country head. The team added two new members in November: Thomas Rettenwander joined the team to lead the affinity business for Austria, and Daniele Del Bo was appointed as group business development director for Affinity Automotive. Wefox is currently in the process of hiring more employees.
Tomaso Mansutti, group head of international partnerships at wefox said: “In taking our affinity business global we are not only endorsing our affinity knowledge and experience, but also ensuring every one of our partners benefits from more than just products and service solutions.”
“We will continue to develop bespoke insurance products for our affinity customers, but for us, mutually successful affinity business is also about culture and authenticity. We collaborate and always place our customers at the heart of every decision we take together.
Mansutti added: “wefox delivers innovative solutions across channels that empower our partners with new revenue streams and increase customer loyalty. The technology wefox offers creates new opportunities, from insurance embedded in electricity for new mobility, to new underwriting capabilities using totally new variables. All this is offered to insurance carriers for our partners.”
Pierfrancesco Ricca, group head of Affinity Partnerships, said: “This is a perfect fit and a huge market opportunity for wefox. Through our existing capabilities, experience and industry knowledge across insurance, distribution and technology, we will deliver value for our customers and succeed in this space.”
“We are an insurance business enabler. Through our extended platform model we are in a unique position to offer the customers the technology and services that are needed to build and to run successful programmes.”
Ricca continued: “wefox delivers end-to-end digital journeys, from promoting and selling products and services through our partners channels, to managing renewals, upselling and cross selling, claims and a detailed and regular reporting system on the progress of the entire program.
“Our model enables our partners to make affinity insurance a core part of their business and ensure that they retain complete control. This is achieved through our simple and transparent process. We have built solid systems and processes and can easily integrate with all the stakeholders to ensure robust compliance, customer satisfaction and the highest business performance, regardless of the complexity of the business in terms of product solutions, insurers - the best performing one for each product -, channels and third parties or countries involved.”
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