Digital insurer focusing on personal insurance products Wefox Group announced having fetched $650 million from its recently concluded financing round. The company defines this financing round as a ‘record-breaking round’.
Following this funding round, the company now has a market valuation of $3 billion. This means that Wefox’s valuation has increased by three times since 2019 when the company opened its arms to investors to come on board.
The founder and Chief Executive Officer of the company Julian Teicke said this Series C funding round had attracted a strong investor demand because the company is expanding rapidly as it is also increasing its profitability compared to fellow online insurers.
“Most insurtech says that insurance agents are dead. We say, they are more alive than ever,” said the CEO.
Teicle says the company is strategizing at offering digital tools which will enable insurance agents to align and automate labor intensive processes.
According to insurance industry data, agents sell 9 out of every 10 policies across Europe, this leaves direct-to-direct consumer competitors fighting for the smaller market share.