Wefox, the German 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 behind 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 is what Google has done over the years with its Nexus phones. They aren’t necessarily trying to knock out all other Android phone makers but are intended to raise the bar and provide an example of what is possible.
To that end, I’m told that One is setting the direction the insurance industry is heading in terms of data access. Its procedures, both front and back office, are fully digital, resulting in a claimed three minutes it takes for customers to pick and purchase an insurance product.
More importantly, the digital (and hopefully improved) customer experience extends to claims-management too. “With mobile claims reporting, claims can be settled, and in 60 percent of claims the money will be transferred into a customer’s account in under a minute,” says One. Data is also handled in real-time, allowing customers to check their current insurance status instantly.
Asked if Wefox-owned One is now an unfair competitor on the Wefox platform, Teicke says it will remain independent and won’t be pushed ahead of other insurance products either by Wefox itself or the 100s of independent brokers who use the platform to manage their customers’ insurance needs.
Instead, because of the data that is going through the platform every day, such as how quickly claims are settled, each insurance product is given an algorithmically generated customer satisfaction score, which One is also subject to like any another insurance product offered through Wefox.
4.7 stars out of 5. That’s how customers have rated Square One Insurance Services after writing 6,343 reviews. With an A+ rating from the Better Business Bureau, people clearly love the way we’re changing home insurance.
With traditional providers, you end up paying for coverage you don’t need, or worse, getting a policy that doesn’t properly protect you. At Square One, you design your own policy, which means you get great coverage at the best price.
Protect all your favourite things
The policy provides blanket coverage for your common personal property. You can also add coverage for your specialty property. When you’re happy, you can buy online with just a few clicks. Or, speak with an agent for extra peace-of-mind.
Only pay for what you need
Most ‘pre-packaged’ policies automatically charge you to insure items like fine arts, porcelain ware and rare collectibles. Don’t own these items? You don’t pay to insure them with us. (But if you do, then we can help you insure them.)
Your time matters
8 and a half minutes. That’s the average time it takes a Square One customer to get a quote and buy a policy online. And, 90% of all phone calls are answered within one minute. Waiting in line for the bus? You have time to get a quote.
Critical protection included
You don’t want to be caught without the right coverage when the unexpected happens. Policies offered by Square One automatically protect against major types of loss, including: break-ins, burst pipes, earthquakes, fires, hail storms and sewer backups.
Need to make a claim? That’s easy!
It’s traumatic enough when something you love is lost or damaged, so we make sure the claim process is simple and straightforward. We’re on your side, guiding you through the process from start to finish. See below to find out how we make this happen.
Pay monthly with no contract
We’re confident you’ll love our service and stay with us. That’s why we don’t lock you into a contract. With us, you can pay monthly or annually and there’s no fixed-term contract. You can also manage your policy online at any time.
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What you really want to know: How are claims handled?
The insurance industry doesn’t have the greatest reputation when it comes to the most important part of your policy: making a claim. Many people think that companies try to make it difficult to open claims and try to wiggle out of paying claims.
We’re committed to about changing that view so we’ve put some things in place at Square One to make sure your claim is always dealt with fairly (and quickly).
Making sure you have the right protection from day one
Not having the right protection is usually the biggest problem when it comes to making a claim. By making sure your policy is tailored to your needs, you get the best protection. Our online system lets you personalize your policy, but if you have any questions about what may or may not be covered, our knowledgeable team is just a call away and ready to assist.
2-hour response for all emergencies (night and day)
You can’t control when accidents happen, but you can get a fast response from us when you need it. To report a claim, log in to your online account or call us at 1.855.331.6933. If it’s an emergency, your experienced claims adjuster will be in touch within 2 hours. Not an emergency? Your adjuster will contact you within one business day.
One dedicated point of contact every step of the way
If you make a claim, a dedicated adjuster works with you from start to finish. This single point of contact ensures your claim is processed faster. Your adjuster helps you submit required information, replace lost or damaged items, and make necessary repairs to your home. Whatever you need, your adjuster is there to to guide you along the way.