Who are they?
Founded in Switzerland in 2014 by industry veterans, Wefox allows customers, brokers and insurance companies to manage their insurance policies, digitally. While Wefox has a few years under its belt, it has ambitions too, having recently acquired the fully digital insurance provider ONE.
How do they operate?
In many ways Wefox are performing some of an agent’s role, helping people review their policies, understand gaps and overlap, and providing recommendations if they’re paying too much. In this way, Wefox has some similarities to Brolly.
Customers can register within minutes, complete an online insurance checker and receive an invite for a personal consultant to work with them.
Key to the Wefox model is working with brokers and insurers, using its online insurance check tool to provide an enhanced digital experience to users, from an industry not known for its digital prowess.
Bringing insurance into the digital age, Wefox has a slick website, too. Currently, the service is not supported in the UK.
What makes them different?
Your average consumer browses options through an aggregator, and then chooses the insurer to go with. Wefox takes a more concierge approach, acting as a guide through insurance complexities with tailored recommendations.
While its service may not sound ground breaking given the tech leaps the industry has taken recently, it has forged strong industry and broker relationships. Which is why Wefox’s acquisition of ONE is so interesting. Over the last few years, Wefox has created the service layer to insurance and with this acquisition, it will offer the core products too.
What does it mean for the industry?
ONE aims to make insurance as easy as Deliveroo, as transparent as Uber, with claims as straightforward as an Amazon order and customer service like Zappos.
With Wefox providing the service layer that sits on top of these product ambitions, the acquisition of ONE could make the company a force to be reckoned with.
ONE launches in September of this year, so we’ll be watching closely to see just how Wefox and ONE disrupt the market.