WeSure has received its first US insurance producer/license, in New Jersey. According to the company’s plans, the intention is to initially start with SME insurance, offering an insurance package for small businesses. It is expected that the company will start operating in 2021-2022. The first license was granted by the New Jersey State Banking and Insurance Division to the Wesure sub-subsidiary Wesure Digital Insurance Services Holdings Inc., which coordinates all of the group’s activity in the United States and is effectively held 100% by the company.
The announcement by the company of it having received a license in New Jersey is a continuation of the group’s business strategy, under which it is acting to enter into activity in the area of digital insurance and financial products in the American market. Wesure also says that New Jersey is the resident state of the held Wesure Digital Insurance Services Holdings company, for the purpose its insurance activity and it is expected to act to obtain a similar license in additional states in which it intends operating in years to come.
Wesure Chairman Yohanan Danino: “The company is progressing in the realization of its business plan and expansion overseas, into our main overseas target market, which is the USA. Receipt of the license in New Jersey to operate as an insurance producer/MGA is an additional milestone on the way to offering the American consumer the added values that Wesure is offering in the area of digital insurance. In accordance with our plan, we started in 2020 deployment for advancing business and marketing activity in the American market.
“We believe that Wesure’s business model, which has enabled it to grow significantly until now in Israel and at the same time start making a profit within a relatively short time, can also be suitable for the American market, with the necessary adjustments, and create a business model which is sustainable over time”.