MOVENS and wefox
One global leader bringing the insurance industry into the digital age is German-based insurtech firm wefox, which developed a new approach to revolutionizing insurance, focused on consumer empowerment and prioritizing solutions for secure data-driven experiences. wefox has developed an insurance platform that leverages data from energy consumption to determine what appliances are in use, enabling innovative and precise coverage for users.
wefox adopted MOVENS technology developed by Henshin Group. MOVENS is a cloud-agnostic IoT platform designed to be the Integration Hub for the Smart City, connecting all layers and related entities involved in the Smart City ecosystem.
The microservice architecture of the wefox platform can cover not only households but also small and medium-sized enterprises and offices by processing the infinite streams of data from MOVENS.
In fact, by reading data and energy curves from machinery and household appliances, wefox can design insurance coverages that cover these risks and any possible damages. This can ultimately help companies avoid breakdowns and business interruptions in addition to helping families keep their disposable income. In addition, to encourage the adoption of environmentally friendly practices, wefox offers insurance coverages that reward sustainable behaviors. More specifically, by collecting data that show evidence of sustainable driving behavior, wefox can offer rewards and incentives in collaboration with other partners to promote risk-averse behaviors and foster loyalty among customers. This, in turn, can result in lower premiums and higher cost savings.