A German insurance technology start-up backed by Abu Dhabi’s sovereign wealth fund is planning to launch a technology hub in London next year after raising $100m (£76m) in extra funds.
WeFox, an insurance start-up based in Berlin, is planning to launch its app to UK consumers next year, which provides details on customer policies, claims and helps to find new rates.
The German start-up has expanded into six countries and said sales had grown to more than $100m. As well as offering the WeFox app, it also offers its own home insurance policies through One Insurance. The company claims it has more than 500,000 customers.
Julian Teicke, WeFox chief executive, said the company would launch in the UK regardless of the outcome of Brexit, but added it would not immediately launch its One Insurance business due to regulatory hurdles if Britain leaves the European Union.
“We are going to set up a hub in London and launch WeFox,” he said. “But the election is a big thing. It is difficult to understand the implications. People who want to change products or industries are not going to the UK because of this insecurity, and Brexit is making this more difficult.”
Mr Teicke said he was targeting the UK market because of its history and dominance of insurance, like Germany, but also because “both countries have some of the worst customer experiences [of insurance].”
“Insurance companies have a difficult time innovating,” he said. “They have no urgency to change, but a massive shift is coming under the surface.”