Wefox, the insurance platform that enables customers, insurance brokers and insurance providers to transact and manage insurance products digitally, has acquired One, a fully digital and newly launched insurance provider.
Although terms of the deal remain undisclosed, I understand the two companies already shared a number of investors, including Wefox investing in One itself, and that Wefox Group CEO and founder Julian Teicke had been advising One prior to launch.
The thinking of the merger, which sees One founder Stephan Ommerborn, formerly an executive at Zurich Insurance Group, remain as CEO of One, is that the digital-only insurance company can act as flagship business on the Wefox platform, integrating at a deeper level and therefore offering a better customer experience. This in turn should help to drag the rest of the insurance industry into the digital age — which is Wefox’s long term vision.
An analogy I used in a call with Teicke…