The insurance sector has never been considered a “sexy” space. In fact, it has always been seen as quite conventional and orthodox. However, when technology penetrates an industry and starts to play a key role, things get shaken up fast and the sector becomes interesting and attractive. This is the case with the distribution of insurance products, which is currently incredibly outdated, annoying, inconvenient, and painful for the end consumer.
That’s why we are thrilled to announce that Nauta Capital has led a €2.3M Seed round in Barcelona-based WEECOVER to help them shape the future of insurance distribution. WEECOVER enables any retailer and digital platform to sell insurance products easily at scale.
Jordi and Rafael left Big Insurance to revolutionize the sector
Based in Barcelona, WEECOVER has developed an embedded insurance platform that is very easy to use and integrate. It allows any company to offer insurance products in a matter of weeks without having to suffer the entire regulatory and compliance burden usually associated with selling insurance. Most importantly, it only requires the integration of a single code snippet. Who said insurance couldn’t be cool?
Among many other reasons why we founded WEECOVER, below we detail the main pillars of our proposal.
🏭 WEECOVER helps a massive yet struggling industry
The insurance market is massive: it represents more than $5 trillion in Gross Written Premiums (GWP) globally. But the industry is in the midst of a transformational phase, facing a moving market environment driven both by technology and substantial changes in customer needs.
Traditionally, insurance has been a poorly digitized sector. Current propositions (mostly B2C), despite being significant progress for the industry, still struggle to reach end customers efficiently and effectively. Innovation in insurance companies has been a pending subject for decades, as limited competition did not foster customer-centric technological improvement. Now is the time for sector players to get up to speed if they want to avoid being left behind.
At Weecover, we are betting strongly on helping the insurance industry progress through this transformational phase, and we have identified several trends and opportunities that will be important in the future—one of them being Embedded Insurance.
🔗 Sleek product, scalable tech, and TRULY embedded solution
After analyzing the space in depth, we realized that “Embedded Insurance” has become a buzzword, present in almost every insurtech pitch deck and website. However, words often do not materialize into deeds, and very few providers are able to offer a real embedded experience. In our humble opinion, a solution involving a landing page with a form that collects endless and irrelevant data points, and ends up sending an insurance proposal via email a couple of days later, does not deserve to be called embedded, and it is definitely not what we expect as consumers.
WEECOVER offers an API-first platform that easily integrates with both the offline and online processes of its channel partners and those of the insurers, enabling full digital underwriting and onboarding capabilities (e.g., users can buy insurance on the checkout page of an e-commerce store or at the point of sale in a physical store).
By seamlessly connecting insurance companies with consumer-facing companies (channel partners), WEECOVER can offer a wide variety of products: home, mobility (bikes, e-scooters, car-sharing), retail (warranty extension, damage, theft), payment protection, life, health… you name it. Thanks to WEECOVER, consumers can buy insurance coverage in a friendly manner at those times when they are most concerned about risks or right at the moment of purchasing a product or service. For us, this is what Embedded Insurance should be.
WEECOVER has developed a suite of technologies that adapt to different transaction environments.
🏆 Unique, ambitious and winning team
Jordi Pages and Rafael Gallardo, share an extensive understanding of the insurance industry and form a solid team. They complement each other very well: Jordi has the vision and the strategic mindset, while Rafa contributes with his understanding of the product and technology.
One could say that WEECOVER is the “new insurtech kid on the block,” but in reality, Jordi and Rafa have been innovating in insurance throughout their entire careers. Having held management roles in large insurance companies, they know the industry inside out, including its nuances and complexities. They have that type of sector knowledge that is indispensable to operate such a business (understanding the needs of customers and partners and having access to decision-makers), while maintaining the entrepreneurial skills, determination, open-mindedness, and, most importantly, the grit to make it happen.
Ah, and speaking of winning, WEECOVER recently won two awards during South Summit 2021: Best Fintech & Insurtech Startup and Most Scalable Startup. Congratulations, Jordi and Rafa, you rock!
Welcoming a future leader in Embedded Insurance
In summary, WEECOVER is well-positioned to become a global leader in the Embedded Insurance space. The strong focus on technology, their background in insurance, the simplicity and scalability of their solution, and their holistic offering across verticals are reasons why WEECOVER clearly has what it takes to become a category leader.
