Insurtech wefox has opened its third tech hub in Milan, Italy, in an effort to accelerate its focus on artificial intelligence and innovation.

The company’s two other tech hubs are based in Paris, France and Barcelona, Spain.

The team at the latest hub will build and deploy new innovations to disrupt the insurance industry ‘whilst endorsing wefox as a significant tech player’.

wefox chief technology officer Sergi Baños said: “I am excited by the synergy our customers and business partners will enjoy as a result of the expansion of our tech strategy and the opening of our new tech hub in Milan.

“We have proved already that AI helps us to increase product innovation, it increases productivity for our brokers, and it reduces fraud. In Milan, we will invent and build new technology to accelerate our embedded insurance products through our affinity partnerships.

The latest tech hub will employ a team of tech experts. wefox has expanded the business from 650 employees in 2021 to over 1,600 today.

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Baños added: “To be able to open our third tech hub off the back of our recent series D fundraising round of $400mn and our post-money valuation of $4.5bn – which is a 50% increase from our valuation last year of $3bn – is a real testament to our business strategy and discipline.

“We are reimaging insurance through technology. We are helping to keep people safe and prevent risk. We are making insurance 10 times better.”