Wefox, a Berlin-based insurtech, created a global affinity business to expand its distribution channel and partner insurance products.
Wefox’s tech platform strategy connects insurance firms with partners to deliver products in this core business segment. Tomaso Mansutti and Pierfrancesco Ricca will aim a US$3 trillion imbedded insurance industry.
Wefox noted that its affinity partners are companies that distribute insurance as a side business.
Guenther Blaich, the new German country leader, will run the local affinity business. Affinity Automotive global business development director Daniele Del Bo and Austria affinity business leader Thomas Rettenwander joined the organization in November. Hiring continues.
“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,” said Tomaso Mansutti, group head of International Partnerships at wefox.
“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 put our customers at the heart of every decision we take together,” he said.
“wefox delivers innovative solutions across channels that empower our partners with new revenue streams and increase customer loyalty. Wefox’s technology opens up new possibilities, from embedded insurance for electric mobility to new underwriting variables. Mansutti added, “Insurance carriers get all this for our partners.”
Wefox has a large market opportunity here. Pierfrancesco Ricca, global head of Affinity Partnerships, said, “Our capabilities, experience, and industry knowledge across insurance, distribution, and technology will deliver value for our customers and succeed in this space.”
Insurance business enabler. Ricca stated, “Through our extended platform model, we are in a unique position to offer customers the technology and services needed to build and run successful programmes.”
“Our model lets our partners make affinity insurance a core part of their business and retain complete control”
“wefox delivers end-to-end digital journeys, from promoting and selling products and services through our partners channels, to managing renewals, upselling, cross selling, claims, and a detailed and regular reporting system on the progress of the entire program.”
Our straightforward process does this. We have solid systems and processes and can easily integrate with all 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, third parties, or countries involved.”
Wefox claimed affinity partner firms deliver embedded and/or stand-alone insurance solutions to boost revenue, client loyalty, and differentiation. Wefox noted that some of them may become industry leaders in insurance given backing.