Julian Teicke, chief executive of wefox, at Abu Dhabi Finance Week. Khushnum Bhandari / The National
Julian Teicke, chief executive of wefox, at Abu Dhabi Finance Week. Khushnum Bhandari / The National
Julian Teicke, chief executive of wefox, at Abu Dhabi Finance Week. Khushnum Bhandari / The National
Julian Teicke, chief executive of wefox, at Abu Dhabi Finance Week. Khushnum Bhandari / The National

Mubadala-backed wefox aims to double revenue to $1.25bn in 2023 on digital push


Alvin R Cabral
  • English
  • Arabic

Wefox, an insurance technology company backed by Abu Dhabi's Mubadala Investment Company, aims to double its revenue to €1.2 billion ($1.25 billion) in 2023 as it pushes its technology to more brokers, its chief executive said.

The Berlin-based company, which sells insurance products through in-house and external brokers, seeks to address what it sees as a gap in the $5 trillion global insurance industry, Julian Teicke told The National at Abu Dhabi Finance Week.

Wefox, which was founded in 2015, currently works with 150 insurers and about 3,000 distribution partners, managing more than two million customers.

The use of flexible technology to cater to each market's needs is an advantage InsurTech companies have against industry incumbents. This is a major part in wefox's plan to become not just a dominant player in the InsurTech space but in the entire insurance market, Mr Teicke said.

"There’s a lot of risk that should and could be insured but currently is not, due to complexity and a lack of awareness among consumers. Technology makes the process a lot simpler," he said.

"It would close the protection gap and make it easy for consumers to access insurance; instead of directly going to consumers, we go to brokers to whom we give our technology to connect to their customers through digital means."

The demand for InsurTech solutions is rising as it helps predict consumer demand, increase purchasing quantities, as well as enhance decision-making and insurance planning through the use of machine learning, artificial intelligence and cloud computing. Consumers benefit from a more efficient insurance model because pricing is more competitive.

The global InsurTech industry is expected to hit $165.4 billion by 2032, from about $16.6 billion in 2022, at a compound annual growth rate of about 26 per cent, according to Future Market Insights.

Spending for IT and technology services in the overall insurance sector is projected at about $255 billion in 2022, according to Capgemini and the European Financial Management Association.

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Investment in InsurTech companies, meanwhile, continues to grow, with the sector raising $15.8 billion in funding in 2021, a record high, from 564 deals, as more capital flowed into the industry last year than in 2020 and 2019 combined, Gallagher Re said in a previous report.

Wefox received a $400 million investment from a Mubadala-led Series D funding round in July, which raised the company's valuation to about $4.5 billion, further cementing its status as a unicorn, or a start-up that has a market value of more than $1 billion.

There’s a lot of risk that should and could be insured but currently not, due to complexity and a lack of awareness among consumers. Technology makes the process a lot simpler
Julian Teicke,
founder and chief executive of wefox

While in general the insurance market is on an upward trajectory, Mr Teicke acknowledged that tightening of the economy does affect some of the sector's business lines, prompting them to be cautious with their approach.

For instance, life insurance is highly dependent on interest rates, with that segment struggling over the past years when interest rates were low.

"Now, with increasing interests, that business is becoming interesting again. However, we are not getting into these businesses that are so reliant on the economic situation or environment," Mr Teicke said.

The specs

Engine: 1.5-litre 4-cyl turbo

Power: 194hp at 5,600rpm

Torque: 275Nm from 2,000-4,000rpm

Transmission: 6-speed auto

Price: from Dh155,000

On sale: now

If you go

The flights

There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.

The trip

Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.

The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.

 

Match info

Huddersfield Town 0

Chelsea 3
Kante (34'), Jorginho (45' pen), Pedro (80')

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Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Results

5.30pm Maiden (TB) Dh82,500 (Turf) 1,400m

Winner Spirit Of Light, Clement Lecoeuvre (jockey), Erwan Charpy (trainer)

6.05pm Maiden (TB) Dh82,500 (Dirt) 1,900m

Winner Bright Start, Pat Cosgrave, Saeed bin Suroor

6.40pm Handicap (TB) Dh92,500 (D) 2,000m

Winner Twelfthofneverland, Nathan Crosse, Satish Seemar

7.15pm Handicap (TB) Dh85,000 (T) 1,600m

Winner Imperial Empire, Tadhg O’Shea, Satish Seemar

7.50pm Handicap (TB) Dh92,500 (T) 2,000m

Winner Record Man, Tadhg O’Shea, Satish Seemar

8.25pm Handicap (TB) Dh92,500 (D) 1,600m

Winner Celtic Prince, Fabrice Veron, Rashed Bouresly

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

Company%20Profile
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The biog

Occupation: Key marker and auto electrician

Hometown: Ghazala, Syria

Date of arrival in Abu Dhabi: May 15, 1978

Family: 11 siblings, a wife, three sons and one daughter

Favourite place in UAE: Abu Dhabi

Favourite hobby: I like to do a mix of things, like listening to poetry for example.

Favourite Syrian artist: Sabah Fakhri, a tenor from Aleppo

Favourite food: fresh fish

THE BIO

Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.

 

 

Rooney's club record

At Everton Appearances: 77; Goals: 17

At Manchester United Appearances: 559; Goals: 253

EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

Sting & Shaggy

44/876

(Interscope)

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
ACC 2019: The winners in full

Best Actress Maha Alemi, Sofia

Best Actor Mohamed Dhrif, Weldi  

Best Screenplay Meryem Benm’Barek, Sofia  

Best Documentary Of Fathers and Sons by Talal Derki

Best Film Yomeddine by Abu Bakr Shawky

Best Director Nadine Labaki, Capernaum
 

Mobile phone packages comparison
The specs

Engine: 5.0-litre supercharged V8

Transmission: Eight-speed auto

Power: 575bhp

Torque: 700Nm

Price: Dh554,000

On sale: now

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Key findings
  • Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
  • Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase. 
  • People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”. 
  • Those who turned the eating day on its head to make breakfast the biggest meal of the day, did even better. 
  • But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
DUNE%3A%20PART%20TWO
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The Facility’s Versatility

Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
 
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
 
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
 
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
 
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
 
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket

Indoor Cricket World Cup Dubai 2017

Venue Insportz, Dubai; Admission Free

Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa

Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia

ENGLAND TEAM

Alastair Cook, Mark Stoneman, James Vince, Joe Root (captain), Dawid Malan, Jonny Bairstow, Moeen Ali, Chris Woakes, Craig Overton, Stuart Broad, James Anderson

SERIE A FIXTURES

Saturday (All UAE kick-off times)

Lecce v SPAL (6pm)

Bologna v Genoa (9pm)

Atlanta v Roma (11.45pm)

Sunday

Udinese v Hellas Verona (3.30pm)

Juventus v Brescia (6pm)

Sampdoria v Fiorentina (6pm)

Sassuolo v Parma (6pm)

Cagliari v Napoli (9pm)

Lazio v Inter Milan (11.45pm)

Monday

AC Milan v Torino (11.45pm)

 

Key recommendations
  • Fewer criminals put behind bars and more to serve sentences in the community, with short sentences scrapped and many inmates released earlier.
  • Greater use of curfews and exclusion zones to deliver tougher supervision than ever on criminals.
  • Explore wider powers for judges to punish offenders by blocking them from attending football matches, banning them from driving or travelling abroad through an expansion of ‘ancillary orders’.
  • More Intensive Supervision Courts to tackle the root causes of crime such as alcohol and drug abuse – forcing repeat offenders to take part in tough treatment programmes or face prison.

 

 

'C'mon C'mon'

Director:Mike Mills

Stars:Joaquin Phoenix, Gaby Hoffmann, Woody Norman

Rating: 4/5

Company%20profile
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COMPANY PROFILE

Name: Rain Management

Year started: 2017

Based: Bahrain

Employees: 100-120

Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund

Updated: May 30, 2023, 8:08 AM