John Shewell

wefox creates new AI team

Berlin, 23 March 2021

 

  • wefox creates new highly skilled team, focused on advanced innovation
  • Artificial Intelligence unit to accelerate innovation strategy
  • Expands footprint in France
  • Turnover in 2020 in excess of EUR 100 million
  • Premium Volume (GWP) on own insurance book increases by more than 400%
  • Loss ratio decreased to 43%, while market operates at 80%
  • Straight-Through Processing ratio consistently above 80%, while market at 10-15%
  • Impressive loss ratio for overall portfolio of 43%, market average like for like of around 80%
  • Newly established motor insurance business accounts for 49% of volume
  • Cost ratio reduced to 56%
  • wefox raised a total of $235m for its Series B round in 2019 – the largest for a European insurtech 
  • wefox is Europe’s leading digital insurance company

 

wefox, the Berlin-based digital insurance company, has created an Advanced Innovation Unit to accelerate its plans for delivering a risk prevention service for its customers via an all-in-one insurance policy . 

 

The fifteen experts joining wefox will be based in Paris, expanding the company’s footprint across Europe. The high calibre team will focus on fast-tracking the wefox strategy and program for innovation, working to achieve the wefox purpose of keeping people safe.  

 

Wefox customers can expect even faster response times for claims, customer service that is supported by Artificial Intelligence (AI), and personalised advice delivered to them digitally. Overtime, wefox expects to increase risk prevention and add enhanced personalization via the app of insurance policies, data security and privacy.

 

Julian Teicke, ceo at wefox said: “I am delighted to welcome this team to wefox and excited by the synergy our customers and business partners will benefit from. AI will help us to increase product innovation, increase productivity for our brokers and reduce fraud. In short, we continue to provide our customers with an excellent service whilst we reinvent and disrupt the insurance industry at scale.  Ultimately in creating our advanced innovation team means we continue to keep people safe and pursue our ambition to prevent 30% of all risks.”

 

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