The digital insurance company Wefox is getting a new manager: David Stachon, ex-CEO of Cosmos Direkt and CEO of Generali, becomes Chief Operating Officer.
The 50-year-old manager brings a lot of corporate experience to the table and will, among other things, drive the product range as well as the expansion of the company.
It’s the first high-profile persona after the $ 650 million fundraising from Wefox earlier this month.
It has only been a few weeks since the digital insurance company Wefox from Berlin announced its mega-round: the company collected 650 million US dollars from investors and thus became a multiple unicorn. At that time we spoke to the Wefox founders Julian Teicke and Fabian Wesemann about further plans for their company.
Concrete personnel changes are now emerging. Starting July 1st, David Stachon will join the management team at Wefox in a newly created role as Chief Operating Officer (COO). In his position, the 50-year-old manager should help drive three areas forward: the global expansion of Wefox, the renewal of products and investments in innovation and technology.
The move from Stachon is an example of the fact that Wefox boss Julian Teicke is serious when he says he wants to play “with the big guys”. Because Stachon can look back on a long corporate career. Starting at McKinsey, Stachon worked in management positions at Ergo, including in South Korea, and what was then Directline. Before Wefox, he was head of Cosmos Direkt, a direct insurer that belongs to Generali. At the parent company, he had been on the board of directors as Chief Business Officer Digital since 2017. In December he announced his departure “at his own request”.
The traditional insurance industry has some catching up to do
So is Stachon’s move a sign that Wefox’s Asian launch could come quickly? “It’s on the agenda,” said Wefox boss Teicke. First of all, the launch in Poland will be celebrated internally on Monday, with 100 consultants who are already ready to sell products. And the market entry in the next European country, Italy, is imminent. And a potential IPO? “We have the plan to become big and strong – and if we achieve that, the issue of financing, regardless of the type, is not an issue,” says Teicke. There is absolutely no pressure at the moment.
Stachon and Teicke have known each other for years, as both emphasize, and have run into each other on various occasions. Stachon is all the more pleased to “come to a world in which speed and innovation are drivers – that’s a good fit for me.” In the traditional insurance industry, Stachon still sees a need to catch up in terms of digitization: “I like to compare that to an Archeopteryx . The industry is no longer entirely a dinosaur, but also not entirely a bird. ”It has to change completely through the perfect combination of man and machine. “People will still be needed,” Stachon is convinced.
Although he won’t officially start at Wefox for a few days, the manager has already noticed differences: “I found very personal commitment among the people here – it feels different to management where there is a distance to the job. “The closeness and emotional involvement are great strengths of teams. In order to increase this, Wefox announced after the last round that in future all employees will be involved in the company. “The key to success is that everyone knows that the company is our baby together,” says Teicke.
This baby could soon have a few more parents, because Stachon should not remain the last high-ranking person for Wefox.