Berlin-based insurtech firm wefox Group has announced the launch of a new technology platform, which will be made available to brokers for free amid concerns that the coronavirus (COVID-19) pandemic is affecting sales.
wefox explained that it brought forward the release of its platform, wefoxGo, after realising that COVID-19 could put 90% of all insurance sales at risk globally.
“There’s a real risk that all brokers’ businesses will be severely impacted by coronavirus,” said Julian Teicke, Chief Executive of wefox Group.
“The direct sales of insurance companies will definitely increase from currently nine percent, but online sales of life and health insurance products will sharply decline during the crisis,” he continued.
“We are talking about 90 percent of all insurance sales globally being at risk. Therefore, we created wefoxGo to help insurance brokers through this crisis.”
WefoxGo allows insurance brokers to connect their calendars to schedule meetings and conduct consultations via the platform’s video conference functionality.
Last month, the insurtech reported an almost 200% increase in the usage of its video conferencing tool since the coronavirus started and expects to at least double this figure as more people are expected to work from home over the coming weeks.
The wefoxGo is a slimmed-down version of the full-service Advisor portal which currently exists in wefox Group’s core markets of Austria, Germany, Italy, Spain and Switzerland.
