German insurance startup Wefox strengthens team with Zurich International hire

BERLIN (Reuters) - Insurance technology company Wefox is strengthening its top team with the appointment of former Zurich International CEO Peter Huber, as the Berlin startup looks to speed the rollout of new products following a $650 million funding round in June.

Huber takes on the role of chief insurance officer on Monday, Wefox said in a statement, becoming the second senior external hire this year after David Stachon, who became the firm’s chief operating officer in July.

Wefox runs a technology platform that enables insurance agents to streamline sales and support for policies. It started by operating on commission but is now focusing more on its own branded sales team and product range.

Founder and CEO Julian Teicke wants Wefox to become the leading personal insurer within the next decade. He told Reuters it would “significantly” beat its forecast, made at the time of its June funding round that valued Wefox at $3 billion, of more than doubling revenue this year to $350 million.

Wefox aims to launch a new product every week on its technology platform in 2022, as it expands from property and casualty products into health and life insurance. By 2025, Wefox plans to offer a single policy “to cover everything” that adapts as people’s lifestyles change over time, said Teicke.

Reporting by Douglas Busvine; Editing by Ana Nicolaci da Costa