Insurtech wefox and Green & Advanced Transport Ecosystem (GATE), have formed a new partnership that uses digital solutions and a pay-per-use formula for the long-term rental of electric commercial vehicles, founded by Iveco Group (see about Impact of Electric Vehicles on the Insurance Industry).
The multi-year deal will support GATE in revolutionising electric commercial transport through a pay-per-use formula, innovative and long-term rental. GATE is a pioneering digital service that unlocks the future of the mobility business.
We are now delivering on our plans to build a tech platform that enables more companies to benefit from insurance products. The partnership with GATE is exactly that in action
Julian Teicke, CEO at wefox
This first phase will see GATE supply an all-inclusive offer, devised in three flexible packages, providing clients a world of benefits in each kilometre. The solution includes 100% green vehicles, a digital ecosystem of services, maintenance & repair, telematics, recharging and insurance (see 7 New Potential and Opportunity of Telematics in Car Insurance).
Customized insurance products are embedded in GATE’s rental offer for electric commercial vehicles. Working to the company’s specific needs, wefox identified the best products and supported GATE, enabling an all-inclusive formula.
wefox will also manage the insurance chain from beginning to end via the organisation’s third tech hub in Milan. The entire operation is digital, according to today’s needs and GATE’s fully digital ecosystem.
GATE is an exciting new opportunity for the world of goods transport and bringing a fully electric rental service to market, complete with insurance in play
Simone Olivati, President, Financial Services, Iveco Group, and Head of GATE
The combination of the wefox business model, knowledge, newly developed international scale and technology platform was a perfect fit, Simone Olivati says.
Insurtech wefox has raised $110m from Series D extension with a $55m credit facility from J.P. Morgan and Barclays, the remaining $55m in equity was raised from both new and existing investors as a second closing of the Series D funding at a valuation of $4.5bn.
The funding comes following a record first quarter financial performance and highlights the company’s clear path towards profitability.
