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Wefox

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Company Research Report: wefox Insurance AG



Company Overview



Name


wefox Insurance AG

Mission of the Company


To reinvent insurance by making it 10 times better, ensuring safety at the core of all operations.

Founding


  • Year: 2015

  • Founders: Julian Teicke, Fabian Wesemann, and Dario Fazlic


Key People


  • Joachim Müller: Chief Executive Officer

  • Alexander Bayliss: Chief Financial Officer

  • Ola Johnsson: Chief Operations Officer

  • Dr. Ronny Fischer: Chief Strategy Officer

  • Peter Huber: Chief Insurance Officer

  • Dr. Marc Olivier Morant: General Counsel and Company Secretary

  • Dominik Ulrich: Chief Risk Officer

  • Mark Hartigan: Executive Chair of the Board of Directors of wefox Holding AG

  • Julian Teicke: President on the Board, Vice Chair Board of Directors wefox Holding AG

  • Other Board Members: Yaron Valler, Dario Fazlic, Fabian Wesemann, Henry Gladwyn, Ibrahim Ajami, Helen Heslop, Nikolaus Frei, Richard Watts


Headquarters


Berlin, Germany

Number of Employees


Approximately 1,200 across 8 countries

Revenue


No information is available.

Known For


wefox is recognized as a leading European Insurtech company that leverages technology to provide superior insurance services.

Products



Insurance Offerings


  • Car Insurance

  • Launched in 2019 as a part of their expansion strategy.


  • Digital Insurance Solutions

  • Includes various offerings managed through digital platforms for easy access and management by customers.


  • 360° Insurance Solutions

  • A customizable insurance solution designed to meet diverse customer needs.


Key Features


  • Digital Management:

  • Utilizes modern technology to allow customers to manage insurance contracts digitally to save time and protect the environment.


  • Flexible Coverage:

  • Offers a mix of modular policies and flexible terms tailored to individual needs.


  • Expert Consultation:

  • Provides 360° consultation services to optimize insurance coverage.


Recent Developments



Strategic and Business Developments


  • 2023/24: Strategic repositioning to focus on profitable core businesses promising long-term value and sustainability.

  • October 2023: Appointment of Jonathan Wismer as Group Chief Financial Officer, aiming for profitable growth and global expansion.


New Products and Features


  • October 2023: Launch of a new brand claim "Empowering Insurance," emphasizing the commitment to transformative insurance services.


Partnerships


  • February 2024: Collaboration with HDI Embedded through a partnership with Wind Tre for providing extended warranty products.

  • July 2023: Partnership with GATE from IVECO to incorporate digital solutions and a pay-per-use formula for transportation ecosystems.

  • June 2023: Establishment of an affinity partnership with Austrian proptech startup PROPUP.


Market and Geographic Expansion


  • 2022: Expansion to the Netherlands, now serving over 2 million customers across 5 European countries.


Exits


  • July 2024: Official exit from the German market by selling assona GmbH to Ecclesia Group and the transfer of brokerage activities to IWV Versicherungsservice AG.


Summary


wefox has positioned itself as a leader in the insurtech industry, prioritizing innovation and customer-centric services through digitalization. Their commitment to making insurance highly efficient and accessible while adopting strategic expansions and partnerships substantiates their mission of making insurance significantly better. With a leadership composed of diverse talents, wefox is set on a path of growth through strategic market exits and a focus on profitable core operations.