Wellmo grows with Smart Life insurance collaboration, announces new funding

 In Digital health, Wellmo

At the beginning of Slush 2015, Wellmo anounces growth, new clients and new partnerships.
Read all about the latest developments here.

New investment, new vertical on corporate life insurance clients for Finnish tech company

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Helsinki, November 11th, 2015

The traditional insurance model is undergoing a change, with the maxim ‘prevention is better than cure’ now finding its digital ways into insurance products. Thanks to an injection of funds and clients in four countries, Wellmo can now play its part to drive those changes.

The Finnish startup, with roots at Nokia, has so far raised €2.1 million euros for growth and development, an additional €1 million in the past year alone. Their mobile health solution connects insurance companies and progressive health service providers with their members through a customer-branded mobile app. The smart technology solution links with every major wearable fitness device and online health services to allow health tracking, health checks, video calls, appointment booking and claims processing.

“We’ve had an incredibly productive year since we launched Wellmo at Slush in 2014″ says CEO Jaakko Olkkonen. “We now have international customers with more than three million members, we’ve achieved triple digit growth both in revenue and in user numbers, and we successfully closed a new funding round” he says.

In addition to major new clients, Wellmo has partnered with health technology unit of Garmin and with Tieto, the largest Nordic IT services company, to expand its reach.

“By deploying Wellmo, health service providers and insurance companies are able to run effective, engaging and scalable health programmes: which can reduce healthcare costs and improve the wellbeing of customers” explains Olkkonen, a smart health pioneer who started work on wellness wearables and health tracking while working for Nokia.

In the new insurance model, enabled by modern technology, you can combine self-help and preventive services with insurance, and the resulting overall concept is something customers really appreciate.

“We want to improve Finns’ wellness. The Smart life insurance pilot is a test to see how committed people are to invest in their own wellbeing, and what kind of benefits encourage them to do so” says Ville Niiranen, Project Director in LocalTapiola Life Insurance.

“The new partnership with Wellmo helps our Smart Life Insurance to be at the forefront of tomorrow’s ideas when it comes to redefining what it means to be a modern insurance provider” Niiranen adds.

In addition to LocalTapiola, Wellmo’s clients and partners include Arbo Unie, which offers occupational health services to more than one million employees in Netherlands, coaching tool MealLogger, intervention app Cuckoo Workout, and Duodecim – the Finnish Medical Society.

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Information for Media:

Jaakko Olkkonen, CEO

Mobile: +358 50 482 2161

Email: jaakko.olkkonen@wellmo.com

Skype: jaakko.olkkonen

Media Kit: wellmo.com/media

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