Start-up of the month: WeCover launches collaborative auto insurance and raises €500,000

07.03.2017

Incubated at Paris-Dauphine, Wecover, has successfully raised an initial €500,000 to finance the launch of its 100% digital collaborative auto insurance.

Wecover is developing France's first collaborative car insurance in partnership with Suravenir Assurances, subsidiary of the Crédit Mutuel ARKEA and an international reinsurance group.

Wecover brings together good drivers in a community and insures them while offering an annual profit-sharing scheme. Why a collaborative system? It should lower insurance costs by involving clients directly

Wecover puts clients in the center of the insurance relationship by offering them a user experience combining the best of digital technology and cutting-edge machine learning. Thanks to Wecover's exclusive Facebook Messenger chatbot, clients will be able to obtain an estimate, take out an insurance policy or pay all via interactive messenger.

"A key player in the insurance revolution."

The French car insurance market represents over 40 million vehicles and some €20 billlion in premiums annually. Eight out of ten French households own a car a(n average of 1.25 cars per household. At a time when the insurance industry is facing many challenges, automobile insurance remains their star product.

"Our ambition is to make Wecover a key player in the insurance revolution. Thanks to new technologies, we have entered an era of increasingly personalized insurance products and services. In an ever more dematerialized world, we would like to rehumanize the client/insurance company relationship. This equity drive will give us the resources we need to finalize our technology and jump-start our commercial development", according to Brice Le Houérou, CEO & Co-Founder

On February 13th at Paris-Dauphine, D-Incubators youngest start-up, convinced several business angels specialized in Fin Tech and insurance of just what a promising venture Wecover is.

Commercial launch in the next few weeks … to be continued ...