German insurtech wefox has teamed up with Austrian proptech start-up PROPUP in an affinity partnership.
The agreement aims to use digital transformation to benefit and protect customers. It addition, it hopes to make property transactions simple with greater transparency, security, and effciency.
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This is the latest announcement from wefox that shows it delivering on its plans to build a tech platform that enables more companies to distribute insurance products.
PROPUP allows paperless work in real estate transactions and connects sellers, buyers, brokers, notaries, banks, lawyers, property managers and all other important players. Thanks to wefox, it is now expanding its offering in an important core segment of the real estate business.
Julian Teicke, CEO at wefox said: “Keeping people safe and helping them to protect everything that matters to them has always been at the heart of everything we do. Property is probably one of the greatest investments people make and of course, the right protection in the form of fit for purpose insurance is critical.
“Our new partnership with PROPUP is not only an excellent demonstration of our digital technology in play to protect the customer, but also a clear validation of the importance of removing the paper jungle usually associated with property and real estate whilst ensuring every customer gets the right insurance for their needs.”
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By GlobalDataKristof Konstantin, co-founder and co-CEO of PROPUP, added: “By working with wefox, we can expand our offering and now also give our customers access to a wide range of insurance solutions and advice via our platform. Whether it is household insurance, homeowners insurance or other types of insurance.”
Michael Reikersdorfer co-founder and CTO of PROPUP, continued: “In addition, wefox , with its technology platform as a hub between customers, insurance brokers and insurance companies, enables us to make insurance processes relevant to our customers in the real estate business more efficient, such as much faster application and processing times for insurance contracts. The protection of customer data as the top priority and the guarantee of the highest security standards were enormously important decision-making factors for the partnership with wefox.”
This year, wefox secured funding in $55m credit from JPMorgan and Barclays.
In addition, the firm closed its Series D round at a $55m close, giving the insurtech as $4.5bn valuation. The funding came from existing investors and also new entrants such as Squarepoint.
