Swiss Re-backed digital insurer looks to ‘shake up’ motor insurance

Digital insurance firm  wefox has launched a new third party liability insurance product for motor and bike owners in Italy that it says has the potential to “shake up” the motor insurance market.

wefox claims the new products will “redefine existing standards and offer innovative service to customers”.

wefox Italy has also established key collaborations within the automotive sector to better serve their customers.

The new partnerships include: IMA Italia Assistance, providing a new car assistance guarantee that combines various insurance services, including roadside assistance and car replacement. The policy is provided through automated digital management, for quick and effective customer support.

Swiss Re, with whom wefox actuarial team has developed a risk profile assessment model with the objective of increasing road safety based on the ADAS (Advanced Driver Assistance System) set-up.

DAS, an Italian company specialising in legal protection, the collaboration manages claims and protects the rights of policyholders on behalf of wefox Italy.

"These exciting new products will be available of course from our insurance intermediaries and through our digital platform,” said Matteo Bevilacqua, CEO of wefox Italy. “Our customers buying these products will enjoy new standards and service thanks to our sophisticated data analysis. wefox is focussed on moving away from the traditional insurance model which is based on 'repair and replace', to a new model that is fit for purpose for the way we live today.

“Our model is focussed on ‘predicting and preventing'. We use the latest AI technology and implement algorithms to create pay as you drive policies.”