Wefox announces new strategy
Not too long ago, German insurance startup Wefox was talking about launching multiple insurance products and developing risk prevention technologies.
Now, according to multiple German media outlets, Wefox has a new plan – shrinking its carrier activities while expanding its broker operations.
As part of the new strategy, Wefox will limit its carrier appetite, focusing on niche coverages such as sick leave insurance in Switzerland and e-bike insurance in Germany. The startup says that it will also launch car insurance in selected countries. Existing property insurance policies will not be renewed.
In the future, Wefox will launch an MGA and devote more of its resources to the brokerage business.
The goal behind this new plan, according to Wefox, is to no longer compete with potential third-party insurance partners.
In 2022, Wefox Insurance AG, the subsidiary of Wefox Group, recorded a €32 million loss.