How an insurance startup became the highest funded Insurtech of Germany

The Berlin insurance startup Wefox has just announced a round of financing over 110 million euros. This is the highest amount of funding for a German Insurtech startup. Last year, the total financing for German insurance startups was just 150 million euros, as shown by a survey by Finanzchef24.

Compared to the banking startup N26, Wefox is meanwhile still relatively unknown in public. In the startup scene, the company of founder Julian Teicke in recent years by celebrity investors such as Aston Kutcher and Lena Meyer Landrut and a lawsuit by rival Lemonade made headlines.

How does the business model of Wefox work?

Via the Wefox platform insurance brokers can manage the policies of their customers digitally. Customers also have their insurance via Wefox app and can report claims or clarify questions. For each insurance, which looks after a broker, he receives a commission from the insurance provider a so-called brokerage. According to the company, the startup will receive 30 percent.

In addition, the digital insurance One launched a year ago, the liability and home insurance sells. With another platform, Wefox wants to help other insurance companies with sales in the future. Wefox, One and the platform belong to the…