From Switzerland to the world, the Digital Trust Label wants to empower users everywhere to feel safe and secure when they use digital services and give companies a way to denote their trustworthiness by conveying their commitment to ethics and transparency. Most recently, the world's first Digital Trust Label (created in Switzerland) has now been expanded to Germany through Europe’s unicorn start-up wefox. After undergoing an extensive audit, the successful European insurtech start-up wefox received the Digital Trust Label for their customer app, becoming the first company with the largest user platform outside of Switzerland to have it. To get to know more about wefox, their commitment to trustworthy digital services, and the start-up world, we ask Ravindra Nath, Chief Information Officer at wefox, some questions. Here is what we talked about.
Congratulations! You have been officially awarded the Digital Trust Label for your customer app. Now you are among our digital trust pioneers, the first with the biggest user platform outside of Switzerland -mainly in Germany-. We would like to know, why was it important for wefox to get Digital Trust Label certified?
The Digital Trust Label demonstrates our company’s commitment to data protection, information transparency and fair user interaction. For wefox, it serves as an assurance to customers that their personal information is in good hands, and to potential partners and investors that wefox is a responsible and trustworthy company.
With a catalogue of 35 criteria divided into four main categories: security, data protection, reliability and fair user interaction, the Digital Trust Label framework is quite comprehensive. As an insurance provider, how are these categories important to guarantee the trustworthiness of your services?
As an insurance provider, wefox holds sensitive personal and financial information of our customers and it is important for us to be able to guarantee the safety and security of that information. In addition, we want to prove to our customers that we properly protect and safeguard their data, but also use it responsibly.
Since its launch in 2015, wefox is now present in eight different locations and serves over two million customers, becoming a revolutionary insurtech company in Europe. How do you think technology has impacted insurance services in the digital era?
Technology has enabled wefox to offer new and innovative products and services to our customers. Streamline every process to make it more convenient for customers at any point of interaction with the company. Our commitment to making insurance ten times better for everyone is built on the principles testified by the Digital Trust Label: security, data protection, reliability and fair user interaction.
From a small start-up to one of the most impactful unicorn companies in Europe, how have trust and reliability played a role in this success?
Building trust with customers is essential for any business but is especially critical for insurance companies. Customers need to trust that their personal and financial information is safe and that their claims will be handled fairly and efficiently. Therefore, wefox's commitment to transparency and data protection helped us establish a reputation for reliability, which in turn, attracted more customers and investors.
In terms of security, data protection, reliability and fair user interaction, where do you think start-ups have the most challenges?
Start-ups often have challenges due to limited resources and experience. It can be difficult for them to establish robust security protocols and ensure compliance with data protection regulations. wefox has already outgrown this stage and we demonstrate our willingness to certify the processes to the highest standards. How do you think start-ups providing digital services can benefit from the Digital Trust Label? The Digital Trust Label demonstrates our company’s commitment to adhering to business regulations proven by third-party validation. In such a complex industry in which wefox operates, it can help attract customers and partners who highly value trust and security.
Visit https://digitaltrust-label.swiss/ for more information on the Digital Trust Label
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