Our primary focus is set on millennials. About 23 – 35 years old. The people who are faced with underwriting insurance policies for the first time because of their first confrontation with ‘real life’ (first professional experience, first car, first property…). We’re here to serve an audience that’s on the verge of building a future for themselves. A group that wants to take the law into one’s own hands and has no need for offline advice by brokers or agents.
This group are the digital natives. For them, services like e-commerce and online banking are self-evident, and they harbour a great trust in it.
InsurTech is a booming market, with an annual growth rate of over 10%. Thusfar, the insurance industry has lagged behind when it comes to the application of technology. This is changing rapidly, and there are several global trends in the insurance industry for which WeGroup is offering a perfect solution:
- New models will challenge the traditional insurance value chain
- Automation will replace human effort across the entire value chain
- Claims-settlement will become an automated, self-service and quick to pay experience
- Insurance premiums will become highly personalised based on better insight on customers
- Tech enabled loss prevention will become a key feature in the insurance product
In Belgium there is no competition regarding peer-to-peer InsurTech. Internationally, InsurTech is a growing industry, which is why WeGroup is looking at competition on an international level and not only within Belgium.
- Lemonade is an American scale-up using the peer-to-peer principles in the insurance industry. They differ from WeGroup as they don't pay back the "cashback" to the customer, but donate the amount to a charity of choice. Lemonade poses a moderate treat, as well as an opportunity. Currently, their expansion is focused on the US and Israël but they might enter the European market in the future. In this scenario, Lemonade might want to acquire WeGroup to hit the floor running in the Europe.
- Friendsurance, a German insurer, also offers peer-to-peer insurance to German consumers. They don't pose a high threat to WeGroup, as they have limited international ambitions.GoBundl is a Danish startup who engineered an innovative digital platform, using machine learning and artificial intelligence. GoBundl was recently acquired by the international insurance technology group TIA.