Berlin-based insurtech, wefox Group is making its global push with the launch of a new tech platform – wefoxGo – which the company is giving to insurance brokers for free amid concerns that the crisis is affecting insurance brokers’ sales.
Wefox Group brought forward the release of wefoxGo after realising that the coronavirus (COVID-19) is transforming the insurance industry by accelerating the pace for digital distribution.
Julian Teicke, chief executive of wefox Group, said: “There’s a real risk that all brokers’ businesses will be severely impacted by coronavirus. The direct sales of insurance companies will definitely increase from currently nine percent, but online sales of life and health insurance products will sharply decline during the crisis. We are talking about 90 percent of all insurance sales globally being at risk. Therefore, we created wefoxGo to help insurance brokers through this crisis.”
WefoxGo allows insurance brokers to connect their calendars to schedule meetings and conduct consultations via the platform’s video conference functionality enabling both brokers and customers to communicate anywhere with a network connection. Brokers can access wefoxGo in three simple steps:
Last month, wefox Group reported an almost 200 percent increase in the usage of its video conferencing tool since the coronavirus started and expects to at least double this figure as more people are expected to work from home over the coming weeks.
WefoxGo is a slimmed-down version of the full-service Advisor portal which currently exists in wefox Group’s core markets of Austria, Germany, Italy, Spain and Switzerland. WefoxGo is now available to all insurance brokers globally.
Wefox Group raised $125m in its series B round in March 2019 and a further $110m in December 2019 taking its total 2019 funding to $235m.