Insurtech wefox Receives Digital Trust Label from Swiss Digital Initiative

wefox, which claims to be one the world’s leading Insurtechs, has received the Digital Trust Label by The Swiss Digital Initiative, a Geneva based independent foundation for advancing digital trust and transparency globally.

This Label recognizes wefox’s commitment “to data protection and information transparency.”

The Label serves as “an assurance to customers and partners of the trustworthiness of the company’s digital services.”

Ravindra Nath, Chief Information Officer of wefox, said:

“Building trust with customers is essential for insurance companies. Our customers need to be confident that their personal and financial information is safe, and that their claims will be handled with fairness and professionalism. wefox’s commitment to transparency and data protection helped to establish a reputation for reliability, which in turn attracted more customers and investors.”

The Digital Trust Label was “developed by the Swiss Digital Initiative, which advances digital ethics and trust through practice-oriented projects.”

wefox is the first non-Swiss company “to receive the Label, which highlights the company’s commitment to adhering to business regulations and standards.”

The Digital Trust Label “provides a third-party validation for companies to demonstrate their compliance with the Label criteria that was developed in a collaborative effort during 2 years and gives a solid definition of digital trust.”

The Label criteria are “divided into four categories: Security, Data Protection, Reliability, and Fair User Interaction, comprising a total of 35 criteria.”

The certification process is “based on a catalogue of standards, such as ISO 27001, ISO 22301 and GDPR.”

As noted in the update, wefox was “founded in 2015 by Julian Teicke, Fabian Wesemann, and Dario Fazlic.”

wefox claims it is “a category-defining insurtech platform that is connecting insurance companies, distributors, and customers, to give the world simple access to digital insurance solutions.”

The goal is “to keep people safe by making insurance 10x better through technology. wefox is the parent company of wefox Insurance, which is the in-house regulated insurance carrier.”

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