Wefox, an insurance technology company backed by Abu Dhabi's Mubadala Investment Company, aims to double its revenue to €1.2 billion ($1.25 billion) in 2023 as it pushes its technology to more brokers, its chief executive said.
The Berlin-based company, which sells insurance products through in-house and external brokers, seeks to address what it sees as a gap in the $5 trillion global insurance industry, Julian Teicke told The National at Abu Dhabi Finance Week.
Wefox, which was founded in 2015, currently works with 150 insurers and about 3,000 distribution partners, managing more than two million customers.
The use of flexible technology to cater to each market's needs is an advantage InsurTech companies have against industry incumbents. This is a major part in wefox's plan to become not just a dominant player in the InsurTech space but in the entire insurance market, Mr Teicke said.
"There’s a lot of risk that should and could be insured but currently is not, due to complexity and a lack of awareness among consumers. Technology makes the process a lot simpler," he said.
"It would close the protection gap and make it easy for consumers to access insurance; instead of directly going to consumers, we go to brokers to whom we give our technology to connect to their customers through digital means."
The demand for InsurTech solutions is rising as it helps predict consumer demand, increase purchasing quantities, as well as enhance decision-making and insurance planning through the use of machine learning, artificial intelligence and cloud computing. Consumers benefit from a more efficient insurance model because pricing is more competitive.
The global InsurTech industry is expected to hit $165.4 billion by 2032, from about $16.6 billion in 2022, at a compound annual growth rate of about 26 per cent, according to Future Market Insights.
Spending for IT and technology services in the overall insurance sector is projected at about $255 billion in 2022, according to Capgemini and the European Financial Management Association.
Investment in InsurTech companies, meanwhile, continues to grow, with the sector raising $15.8 billion in funding in 2021, a record high, from 564 deals, as more capital flowed into the industry last year than in 2020 and 2019 combined, Gallagher Re said in a previous report.
Wefox received a $400 million investment from a Mubadala-led Series D funding round in July, which raised the company's valuation to about $4.5 billion, further cementing its status as a unicorn, or a start-up that has a market value of more than $1 billion.
There’s a lot of risk that should and could be insured but currently not, due to complexity and a lack of awareness among consumers. Technology makes the process a lot simpler
Julian Teicke,
founder and chief executive of wefox
While in general the insurance market is on an upward trajectory, Mr Teicke acknowledged that tightening of the economy does affect some of the sector's business lines, prompting them to be cautious with their approach.
For instance, life insurance is highly dependent on interest rates, with that segment struggling over the past years when interest rates were low.
"Now, with increasing interests, that business is becoming interesting again. However, we are not getting into these businesses that are so reliant on the economic situation or environment," Mr Teicke said.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Goalkeepers: Jordan Pickford, Nick Pope, Aaron Ramsdale
Defenders: Trent Alexander-Arnold, Conor Coady, Marc Guehi, Reece James, Harry Maguire, Tyrone Mings, Luke Shaw, John Stones, Ben White
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Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Keane on …
Liverpool’s Uefa Champions League bid: “They’re great. With the attacking force they have, for me, they’re certainly one of the favourites. You look at the teams left in it - they’re capable of scoring against anybody at any given time. Defensively they’ve been good, so I don’t see any reason why they couldn’t go on and win it.”
Mohamed Salah’s debut campaign at Anfield: “Unbelievable. He’s been phenomenal. You can name the front three, but for him on a personal level, he’s been unreal. He’s been great to watch and hopefully he can continue now until the end of the season - which I’m sure he will, because he’s been in fine form. He’s been incredible this season.”
Zlatan Ibrahimovic’s instant impact at former club LA Galaxy: “Brilliant. It’s been a great start for him and for the club. They were crying out for another big name there. They were lacking that, for the prestige of LA Galaxy. And now they have one of the finest stars. I hope they can go win something this year.”
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
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TRAINING FOR TOKYO
A typical week's training for Sebastian, who is competing at the ITU Abu Dhabi World Triathlon on March 8-9:
- Four swim sessions (14km)
- Three bike sessions (200km)
- Four run sessions (45km)
- Two strength and conditioning session (two hours)
- One session therapy session at DISC Dubai
- Two-three hours of stretching and self-maintenance of the body
ITU Abu Dhabi World Triathlon
For more information go to www.abudhabi.triathlon.org.
ITU Abu Dhabi World Triathlon
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
