The future of polish insurance market?
ONE insurance – licensed insurance company owned by wefox group is aiming to enter polish market in 2021. ONE is a fully digital insurer based in Liechtenstein. The only possible way to buy their products is threw wefox application. Insurance agents can buy or change household, liability, and car insurance on behalf of their customers in just a few minutes – totally paperless. ONE claims to be the first fully digital insurer in Europe.
Wefox Group
ONE is a part of Wefox Group. But what exactly is Wefox Group? Founded in November 2014 by Julian Teicke – Wefox was created by the Swiss brand FinanceFox. It is a digital platform that shifts a classic industry to an integrated digital solution. Since operations began in Switzerland in September 2015, in Germany in October 2015 and in Austria in March 2017, wefox has already welcomed more than 500.000 clients in record time.
It is now also the number 1 insurtech in Europe (by value). Since then they has been able to build a sustainable business in insurance despite being newcomer. Today wefox serves over 500,000 end customers that are managed by over 2000 brokers and have insurance policies from over 300 insurance companies. Right now they employ 400 people.
Wefox’s digital marketplace serves customers, brokers and insurance companies by offering an intelligent and efficient way to manage insurance and financial products, and back-office procedures. wefox combines modern opportunities with expertise, traditional experience with an innovative, digital approach.
Lemonade vs ONE
ONE is in a way similar to Lemonade. The company was established in the same year as lemonade but as a solution for brokers and in 2017 is evolved for not only platform to find your agent and insurance but also buy ONE insurance products — licensed insurer fully integrated with wefox app. Lemonade claims that Wefox “reverse engineered their solution” and filled a lawsuit.
“The complaint, filed in the U.S. District Court Southern District of NY, alleges that Wefox reverse engineered Lemonade to create ONE, infringing Lemonade’s intellectual property, violating the Computer Fraud and Abuse Act, and breaching its contractual obligations to Lemonade not to “copy content… to provide any service that is competitive…or to…create derivative works.” ~ techcrunch.com
ONE in Poland
One will start in Poland with selling car insurances, household insurance and private liability insurance. One claims that they will enter polish market in Q1 2021. Firstly they claimed that One will be available in Q1 2020 but it was postponed due to Coronavirus ourbreak. The details on the strategy are not public and it is hard to find any information about exact products and date of entering the Polish market.
I’m curious how ONE will impact polish insurance market. Only the future will tell us if poles are likely to love of hate D2C (direct to customers) fully digital insurance products.
Sources:
https://www.one-insurance.com/de/en/
https://www.wefoxgroup.com/wefox-group-created-for-the-world-of-tomorrow/
https://www.insuranceeurope.eu/insurancedata
https://piu.org.pl/wp-content/uploads/2020/04/ubezpieczenia-w-liczbach-2019.pdf
https://techcrunch.com/2018/06/15/lemonade-files-lawsuit-against-wefox-for-ip-infringement/
https://www.crunchbase.com/organization/wefox
https://www.linkedin.com/company/wefox-group/