German insurtech start-up Wefox is reportedly planning to introduce risk prevention product to inform users about potential dangers.
The product, dubbed Wefox Prevent, is currently under development and is expected to go live next year.
According to a Reuters report, Wefox Prevent will procure data from mobile phones, digital smart homes and other connected devices to alert the user about impending hazards.
Such alerts may include notifying the drivers about poor road conditions, or informing that a window is open at home when a storm is looming.
Wefox CEO Julian Teicke was quoted by the news agency as saying: “We don’t just want to be an insurer that hands out policies.
“With this team on board we will develop into a risk prevention business, powered by technology.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
He also assured that the data will be used only for risk prevention and not for anything else.
Founded in 2015, Berlin-based Wefox offers digital insurance policies.
The company is also planning a fresh funding round, sources familiar with the matter told Reuters.
In 2019, Wefox raised a total of $235m in two parts from several investors.
At that time, Teicke said: “This year we quadrupled our growth and now we have a great opportunity to strengthen our business in partnership with our new investors, which is part of our strategic plan for further global expansion in 2020.”