Digital Insurance Firm wefox Launches Global Affinity Business

wefox, which claims to be one of the world’s leading Insurtechs, has launched its global affinity business, which connects insurance companies with partners to distribute insurance products.

This new business “increases the existing distribution channel for wefox and extends the company’s ability to deliver insurance products through partners.” The team, led by Tomaso Mansutti and Pierfrancesco Ricca, will be “targeting a global market worth around US$3 trillion in just embedded insurance alone.”

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.

Mr. 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. 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.”

Mr. Ricca continued:

“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.”

In Germany, the new Country Head, Guenther Blaich, will “lead the local affinity business.”

Last November “saw two additions to the team: 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. Other hires are in the process.”

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

wefox 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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