Wefox to launch smartphone risk prevention product
Wefox, the largest insurtech startup in Europe, has announced it is developing a new risk assessment platform that utilises smartphone data to warn users of upcoming dangers.
The Berlin-based insurtech revealed plans of the new product, which is being developed by a team of experts working from Paris, who were hired from the Korean technology behemoth, Samsung.
Wefox is backed by Samsung, and says it predicts the new product will be ready to go live in 2022.
Wefox founder and CEO Julian Teicke, told the pr ess, “We don’t just want to be an insurer that hands out policies. With this team on board we will develop into a risk prevention business, powered by technology.”
From driving conditions to weather warnings
According to reports, the Wefox Prevent service will harness data from digital smarthomes and mobile phones, making it possible to predict and warn customers of impending issues. These will range from hazardous driving conditions to weather warnings that will advise uses to close windows or prepare for a storm.
However, the product won’t use personal data to perform premium assessments which often results in younger drivers being forced to use telematics services so that they can get cost-effective cover.
Wefox, which was founded in 2015, doubled its group revenue in 2020, reaching $142m while ONE, the insurtech’s core brand (soon to be rebranded as Wefox Insurance AG), increased its written premiums by five-fold from 2019.
Now Wefox is negotiating with investors in the hope that it can initiate a new funding round to boost its current total of $235m in invested capital.
Teicke has also predicted that Wefox’s group revenue is set to double in 2021. He said Wefox would “optimize” its profitability and that the company will start marketing under its own brand in Poland and Switzerland inQ1, with plans to expand into Italy later this year.
SLK Software: Optimising performance in the digital economy
Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.
As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:
- Relationship oriented
- Strategically focused on a desired outcome
- Reliant on automation tech
Believing in purposeful automation
SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies.
Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.
The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:
- Intelligent Business Transformation
- Agile IT Automation
Accelerating workflow processes
The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance.
Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:
“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.
Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.
Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.
Pictured: SLK Software team (source)