Convert risks into opportunity with embedded insurance
Wakam, founded in 1829, is a European digital B2B insurance company. Their offer is 100% digital and they create white label P&C products for all types of distributors, thanks to its high-tech Play & Plug platform. Wakam develops tailor-made and embedded insurance products that tap into the trends of today: asset-sharing and the decline of ownership. The new generation is no longer prioritizing ownership and possession of good. Think about self-service scooters that popped up across cities, self-service bikes, laptops, clothing or jewellery to hire for an evening.
Insurers can tap into the needs of today
Insurers may choose to support this new generations’ lifestyle shifts from the top down, giving each customer the opportunity to get the most out of their lives and heightening security within this ecosystem’s growing number of transactions. This is where embedded insurance comes into the picture. With embedded insurance, costumers do no longer have to worry about buying insurance anymore because insurance is automatically incorporated into everything they own or use, and the subscription experience is improved, as guarantees are systematically released upon use. By facilitating this shift in society, insurance companies will be playing a direct role in fulfilling individual and collective desires: less inequality, more freedom, and greater solidarity.
Wakam’s current clients have in common the willingness to shape the insurance of today and tomorrow: to be more flexible, more customer centric, more digital and more transparent. But also to take risks: embedded insurance has opened up access to new addressable market segments, but it frequently means providing insurance products that did not exist before and where there is no historical data to rely on.
How it works
Insurance distributors may find it difficult to deliver an insurance product in time and launching a product in several countries at the same time. Wakam has developed a technology platform and a digital onboarding methodology that allows its insurance distributors to be more agile and enable them to create a product and launch it in several European countries in a few weeks. This can be done because of their digitization strategy: 100% of its products are provided in the form of API’s, from pricing to contract creation and claim payment (more than 10 million API calls per month). The insurer hosts more than 550,000 policies in its private blockchain, allowing it to automate policy and claims management.
Wakam’s products are part of the property & Liability (P&C) insurance family, divided into Mobility, Home, Travel & Leisure, Health & Wellbeing, Professional and inclusive insurance. The Play & Plug platform, including the Self-Service digital application, allows insurers to independently design and distribute a customized insurance product via API in less than a day. From usage-based insurance (UBI) to parametric insurance, all of Wakam’s insurance products can be customized according to the needs of its partners & clients.
Why we think you should keep an eye on Wakam
Wakam is one of the top 20 P&C insurers in France, present in 32 European countries and has enjoyed a 31% annual growth over the last six years. Wakam currently supports over 370 partnerships such as Zego, Cuvva, Hiro, Inshur, Zephir, April, Yamaha, Qover and +Simple. Through these partners, Wakam is the white-label insurer of companies such as Deliveroo, Uber, Dott, Revolut, or Getir.
In 2021 Wakam was listed among the most innovating insurers in the world by Insurtech100 & they have been listed in our own DIA Top 100 in 2020! Topping all insurers, Wakam was also included on the Financial Times “Europe’s Fasted Growing Companies” list in 2020.
Wakam believes that ultimately no product or service will be sold without embedded insurance, thereby paving the way for universal insurance models that are more inclusive and fairer than ever. Do you want to learn more about Wakam? Take a look at their website here!