Wakam comes from France but today you are truly an international company. What are your plans regarding Poland?

Wakam is an insurer specialising in embedded insurance and focused on B2B2C partnerships. We ended 2022 with 650 million euro GWP which means circa 40% growth. We are becoming large and this is mainly because of our international business. In terms of GWP, France used to be our largest country, but it’s not anymore. Now it is the UK and our pan-European business is growing really fast.

We have a strong position in core European markets and now we want to develop in other countries, like Sweden, Denmark and of course Poland. We want to establish new partnerships and do more business. We know that there are some players looking for capacity. We provide capacity, innovation and fast go-to market so we believe that we can be a valuable insurance carrier for distributors on the Polish market, and also a good partner for non-insurance companies.

Have you already established some partnerships in Poland?

Yes, we cooperate with a large retail brand in extended warranty as well as a motor manufacturer. Polish clients can buy our products also via Revolut. We provide our embedded insurance to credit cards issued by this fintech in 32 countries. In cooperation with Qover, we guarantee cover to customers with Revolut Metal, Premium, and Plus plans against damage, theft of their purchases, disputes with sellers and show cancellations due to unforeseeable circumstances.

Do you plan to expand cooperation with Revolut?

We add new features and discuss new products with them regularly. We love to work with Revolut and the insurtech Qover. They are great and very demanding partners – as you can imagine – so we learn a lot with them. And they also appreciate cooperation with us because we are the only company in Europe that can prepare products ready to be released in 32 countries at the same time.

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Revolut is our important partner but we don’t neglect others. We have dedicated teams that can deliver solutions fitting the business model of our partners. Agility, speed and bespoke solutions are our main advantages in comparison with traditional insurers. We have more than 400 partnerships alive. I can give you a number: we launch two products per week – new products, with different pricing, with different target operating models. And of course, only about half of the things that we work on go live, which means that we work on one new partnership every weekday.

Who are your partners?

We work with three types of distributors: traditional MGAs and brokers, a new generation of MGAs, brokers, often qualified as InsurTechs, and non-insurance companies that sell their products as embedded insurance. In all those types of partnerships, we operate in a white-label model. Our products are a part of our partner’s offer. You will never buy “Wakam products”. It is always our partner’s product “insured by Wakam”.

Which type is the most important for Wakam?

They are equally important. We have a very strong position in InsurTechs. We work with 9 out of 10 of the biggest InsurTechs in the UK. And the reason why we don’t work with this missing one is that it sells life insurance and we are specialised in P&C. InsurTechs like to cooperate with us because they can bring to us their ideas and we can really co-create products. In opposition to traditional insurers, we are really flexible. Even small startups can come to us, we onboard them on our platform and together we can scale their business and profit from their growth. Nobody is too small to start to work with us.

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We also cooperate a lot with traditional distributors. To tell the truth, they can be as innovative as InsurTechs, and at the same time they often have a very strong and experienced team, good access to the market and they can be more efficient in getting a real innovation, even limited to the market.

We are a little bit less present in non-insurance companies, but this vertical is also strategic for us and we want to develop new partnerships. In Poland, too.

We are not focused only on big pan-European partnerships, we can co-create products and plan distribution with smaller and local partners. In Poland, we search for opportunities to grow in all those models: with traditional distributors, with InsurTechs and with non-insurance partners like fintech or retailers.

Thank you for the interview.