German 'insurtech' Wefox raises US$650 million at valuation of US$3 billion

BERLIN: Digital insurance startup Wefox said on Tuesday it had raised US$650 million from investors, in what it called a record-breaking round for a so-called"insurtech" company that valued the business at US$3 billion.

He put that down to Wefox's strategy of offering digital tools that enable insurance agents to streamline and automate labour intensive processes. Agents sell nine out of every 10 policies in Europe, leaving direct-to-consumer competitors like Lemonade fighting for a smaller piece of the market. Wefox, which is present in Germany, Switzerland and Poland, will use the money raised for European expansion.The company aims to increase revenues to US$350 million this year, from US$143 million in 2020, as it builds its branded sales team and product portfolio to complement the existing platform that hosts independent insurance brokers.

Wefox expects an even split between premium income and commissions from next year, driven by the expansion of its branded products into life and health, in addition to household, liability and motor.

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