ONE (part of the Wefox Group) wants to change the way the world uses and purchases insurance and apparently the company is going to launch in September. Starting in Europe, ONE, the newest Insurtech startup, says it will reinvent insurance many different ways. The insurance sector is huge yet it has largely been left unfettered by the Fintech revolution. Yes, there are companies like Lemonade, but otherwise many of the erstwhile innovators are more of the same -just repackaged. ONE is on a mission to completely redesign the insurance industry, according to Group CEO Julian Teicke, and their App based platform is coming to smartphone’s everywhere – soon. In a recent posting, Teicke explained; “Insurance is a massive market. In fact it is the largest industry in the world that has not even slightly been disrupted by technology. Banking has been disrupted, Energy has been disrupted, Services have been disrupted, Health has been disrupted, Software has been disrupted. Insurance is ready to finally be disrupted.” And what will be disruptive about ONE? Sure. We all know that traditional insurance companies are light on customer service (in contrast to their ubiquitous adverts). ONE wants to provide a user friendly, digital only, experience with the following attributes: So can ONE actually provide all of this? And do it at the right price? Geez, it is hard to imagine. I cannot stand my insurance provider(s). Don’t get me started. They are in a heated competition with one of my [traditional] banks for Champion of customer disservice. But I guess we will find out in a couple of weeks if ONE will match their claims. I, for one, hope they live up to their mission. I am probably not alone.
Insurance technology group Wefox has claimed its new digital start-up, ONE, will disrupt the insurance industry. Insurance, in contrast to banking, energy and services, has "not even slightly been disrupted by technology", said Wefox CEO Julian Teicke. The smartphone-based ONE platform, launching in September, aims to provide a more customer-driven approach to insurance, including a simple payment system, flexibility of cover in real time, instant feedback on claims and rewards for customers.