German insurtech wefox has teamed up with Austrian proptech start-up PROPUP in an affinity partnership.

The settlement goals to make use of digital transformation to profit and defend clients. It addition, it hopes to make property transactions easy with higher transparency, safety, and effciency.

That is the most recent announcement from wefox that reveals it delivering on its plans to construct a tech platform that allows extra firms to distribute insurance coverage merchandise.

PROPUP permits paperless work in actual property transactions and connects sellers, patrons, brokers, notaries, banks, attorneys, property managers and all different necessary gamers. Due to wefox, it’s now increasing its providing in an necessary core section of the actual property enterprise.

Julian Teicke, CEO at wefox stated: “Retaining folks protected and serving to them to guard all the pieces that issues to them has at all times been on the coronary heart of all the pieces we do. Property might be one of many best investments folks make and naturally, the proper safety within the type of match for goal insurance coverage is vital.

“Our new partnership with PROPUP just isn’t solely a superb demonstration of our digital expertise in play to guard the shopper, but additionally a transparent validation of the significance of eradicating the paper jungle often related to property and actual property while guaranteeing each buyer will get the proper insurance coverage for his or her wants.”

Kristof Konstantin, co-founder and co-CEO of PROPUP, added: “By working with wefox, we will develop our providing and now additionally give our clients entry to a variety of insurance coverage options and recommendation through our platform. Whether or not it’s family insurance coverage, owners insurance coverage or different varieties of insurance coverage.”

Michael Reikersdorfer co-founder and CTO of PROPUP, continued: “As well as, wefox , with its expertise platform as a hub between clients, insurance coverage brokers and insurance coverage firms, permits us to make insurance coverage processes related to our clients in the actual property enterprise extra environment friendly, similar to a lot quicker software and processing occasions for insurance coverage contracts. The safety of buyer information as the highest precedence and the assure of the very best safety requirements have been enormously necessary decision-making elements for the partnership with wefox.”

This 12 months, wefox secured funding in $55m credit score from JPMorgan and Barclays.

As well as, the agency closed its Sequence D spherical at a $55m shut, giving the insurtech as $4.5bn valuation. The funding got here from present buyers and likewise new entrants similar to Squarepoint.