FinanceFox is a Swiss-based mobile app that facilitates the digital management of insurance policies and also offers advice regarding coverage gaps, claims management and medical record submission. The essence of FinanceFox is that it allows users to assess their coverage needs and also avail of a personal consultation through the FinanceFox network, thus combining the convenience of online research with the reassurance of an offline consultation.
With FinanceFox, users can gain an overview of all their insurance policies, coverage and rates. In addition, users can file paperless claims and post medical bills through the app. The FinanceFox app also calculates if the user is getting the best rate across all their insurance policies.
“FinanceFox eliminates all pain-points,” says co-founder and CEO Julian Teicke. “Not only is all your insurance paperwork digitized, offering the ability to compare competing products, but the app is also the interface to a “personal consultant that compares your life situation and your current coverage and sends you offers to digitally sign right on the app. The bigger vision for FinanceFox is to become the single point of contact for everything insurance related in your life, available 24/7”.
In January 2016, FinaceFox raised a $5.5 million round of funding led by Salesforce Ventures, with participation from AngelList, Idinvest, Seedcamp and Speedinvest and plans to utilise this fund for expanding its marketing and sales activities in Switzerland and Germany as well as to enter new markets.
With FinanceFox, we are witnessing a business model which is part digital (the App) and part physical (the Advisor). Although advances in natural language processing have given rise to the age of chatbots, it’s important that insurers and brokers alike are able to bridge the mobile gap in the mean time by providing an offline consultation capability to maximize the conversion rate on mobile platforms.