Wakam, one the oldest insurance companies in France, has announced the appointment of former PartnerRe Chief Executive, Emmanuel Clarke, as its new Chairman as the group targets expansion, reports the Financial Times.
Founded in 1829, privately owned insurer Wakam has rebranded itself as an InsurTech firm that will look to bring new business models to the insurance sector and challenge the range of startups trying to disrupt the market.
As the carrier embarks on its expansion drive it has hired Clark, who spent four years running Bermuda domiciled reinsurer PartnerRe until July of last year.
Speaking with the FT, Clarke said: “I’m joining the company as it embarks on a three-year strategic plan which will see the company double in size by expanding to new countries and new products.”
According to reports, the rebranded Wakam is looking to double the €382 million (USD 463mn) in premiums it wrote in 2019 by expanding further outside of its home market and by leveraging advanced technologies.
“There is enormous potential throughout Europe and the UK,” said Clarke.
Adding: “What we’ve seen through the pandemic is the limitation of the value of insurance for policyholders. Policyholders need more transparency and simplicity, and more digital interaction with their insurers.
“Large insurance companies which haven’t understood that there’s a need to transform the product run the risk of losing relevance.”
According to the FT, Wakam says it can develop and deliver a new insurance product in just six weeks, which Clarke claims is among the quickest time in the industry.
The appointment of Clarke follows pressures by regulators and some investors in France to separate Chairman and CEO roles in order to improve governance practices.
“France has been a little bit behind when it comes to corporate governance,” noted Clarke.
