Yesterday was a very exciting day for the insurtech world.
On stage at the Money2020 conference in Copenhagen, Julian Teicke, founder & CEO of Europe’s best funded insurtech startup wefox, announced to the world that ONE & wefox are joining forces.
ONE launch details
We are also pleased to announce that ONE will be launching Home & Liability coverage for Germany in September this year.
We will be launching life products & expanding into further EU countries in 2018.
wefox innovation partner scheme
Since wefox began operating 18 months ago, the insurtech company’s platform has become firmly established as a marketplace for insurance solutions across Germany, Austria and Switzerland, offering them access to the high-growth broker sales channel.
ONE will be the first digital insurer fully integrated with the wefox platform, within the wefox innovation partner scheme.
The service platform is open to all insurers. To date, wefox has succeeded in gaining more than 300 insurance companies, 600 brokers, and over 125,000 end-customers. In addition, it has established innovation partnerships with ERGO, Barmenia and VHV, aimed at co-initiating product and process innovations for brokers and insurance customers through integration on the wefox platform.
Agreements with other renowned insurance partners are due to be signed shortly.
ONE reinsured by Munich RE
Munich Re provides ONE’s reinsurance cover and, since January 2017, has been supporting product development and data analytics as well. Says Tobias Sonndorfer, Client Executive at Munich Re and ONE advisory councilor, “We are convinced by ONE’s future-focused business model and the strategic and operational strengths of the parties involved.”
Digital, mobile, real-time
ONE are excited to be setting the direction when it comes to data access. All of our procedures – in the front and back office – are fully digital. The process of applying for insurance is both extremely simple and supported by state of the art artificial intelligence.
Customers can pick and purchase an insurance product, complete with easy payment, within three minutes. We are redefining customer experience in claims management, too: With our mobile claims process, claims can be settled in under a minute and the money transferred into a customer’s account within 24hours.
Data is handled in real time, allowing customers to check their current insurance status at any time. In addition, ONE will also reward claims-free customers through a points system that pays back part of their premium.
We are very pleased to announce that Stephan Ommerborn, formerly an executive at Zurich Insurance Group for many years, is appointed CEO of ONE. Ommerborn has been building up ONE since 2016 and has played a key role in driving the digital insurance carrier’s development.
“By working together, wefox and ONE are cutting through structural dependencies to enhance insurers’ service levels. ONE is taking a lead in terms of availability, ease of understanding and speed.”
Exciting times ahead
We believe the partnership between ONE & wefox is a match made in heaven. wefox has proven itself to an be innovative and successful European insurtech platform solving problems of brokers, insurers, and end-customers.
It makes perfect sense that ONE and wefox work together to provide fully digital, excellent insurance products to European markets.
Both companies are extremely ambitious and see a future where insurance is reinvented, reimagined, and rebuilt to fit the needs and lifestyles of modern tech savvy people.
We look forward to introducing the world to our products very soon.