Germany based ONE, an Insurtech firm that is part of the Wefox Group, has announced the public launch of their platform. ONE says they are the first Insurtech startup to have received a license to passport their services across the entire European Union and Switzerland.
Simultaneously, ONE said they have received the backing of MunichRE and Sound Ventures, the VC firm founded by actor Ashton Kutcher who has become a prominent early stage investor.
ONE is launching with Household and Liability insurance. It is not clear if they intend on offering other types of insurance at any point in the future. If you already have insurance, you may use the ONE exchange service where you register with ONE and tney take care of the cancellation of your existing insurance and migrate it over to their platform. The service is all App based and filed claims receive immediate processing and in the best case scenarios – immediate payout to your bank account.
ONE explains that insurance has been around for hundreds of years but little has changed except customer expectations have risen – all courtesy the the internet and the powerful disruptive forces of digitization.
Large, traditional insurance companies suffer from slow processes, outdated IT, and customer service that too frequently sucks. You pay them money and as soon as you file a claim they cancel your policy. Yep. It happens too often.
ONE claims state-of-the-art technology and is committed to providing the best customer service in the market.
From ease of use to ease of claim settlement, ONE wants to change the face of insurance. The tech can make the process super efficient and inexpensive thus they can focus more energy on the customer service side of things.
Late last year, ONE claimed it would outgrow US based Insurtech Lemonade from the beginning. The clock has started.