“We are growing very fast and we need to be more conscious of our ESOP pools. Luckily, Ledgy allows us to track the details of our equity transactions and export the data to prepare for meetings with our CFO and board members.”
wefox Group has become Europe’s leading insurtech company by disrupting the outdated insurance industry. Through an integrated digital platform built on artificial intelligence, wefox acts as a digital marketplace serving customers, brokers and insurance companies.
Our recent chat with Rafaella Apuzzo, Compensation Manager at wefox, uncovered key insights into a company that charted record growth while staying true to their passion of empowering people.
Their business model resulted in quadruple growth figures, an extended Series B of $235 million and the coveted title of Unicorn.
The Value of People at wefox
Rafaella spoke to us about her reasons for joining wefox. It was clear to her from the start that the founders valued people and she really connected with the company's mission.
“Our mission as a company is to enable people to be safe.”
The fact that wefox wanted to create a compensation manager role proved their commitment to this value.
And personally for Rafaella, it meant she would have the opportunity to build her department’s strategy from scratch.
The wefox Philosophy on Employee Participation Plans
Beginning at the founder level the theme of empowerment echoes throughout wefox, and the foundation of is built on ultra-clear transparency.
Various communication channels are used to ensure that team members are kept well-informed. Company stand-ups, internal newsletters, and FAQs are just a few of the ways Rafaella and her team educate employees.
On the subject of employee stock option plans, CFO & Co-founder Fabian Wesemann, made it clear from the beginning that their incentive plans should be easy to understand so that everyone could really see the value in them. And to this day Fabian is hands-on, personally giving every new employee their orientation and answering all their questions.
“The idea of implementing participation plans was to make sure that our employees would participate in the success of the company - so giving ownership to them was natural.”
Believing that empowered employees are key to the company's success, wefox Group decided to implement their incentive plans right from the beginning.
What Type of Compensation Plans does wefox Offer its Employees?
Wefox uses PSOPs to incentivize employees throughout various stages of their career journey.
Options plans are granted during the hiring phase as part of the total compensation package and also as supplements to their salary in the form of promotions, bonuses, and anniversary gifts based on seniority.
All in all, it’s easy to see how wefox has been able to generate a deep level of commitment from their employees, one that clearly played a role in the company’s success.
But what does it take to manage an effective compensation department for more than 500 employees - while giving each one of them the individual attention they deserve?
The Day to Day Workflow of a Compensation Manager
Rafaella manages the compensation plans for more than 500 employees.
This is no easy task!
CFO’s and Compensation Managers can confirm the pain of managing multiple spreadsheets with silos of information.
Extracting the right data at the right time and turning it into actionable insights can be a headache.
This is where Ledgy comes in...
Before and After Ledgy
How does Ledgy make the life of a compensation manager easier?
Before Ledgy keeping up with the many requests coming from employees was manual and tedious.
As Rafaella expressed, questions and concerns would come from a broad range of subjects - each of which took her manual input to answer. Most of them were centered on employees wanting the details of their options:
- When are my shares vesting?
- What is the exact vesting schedule?
- What is the current share price?
- How many shares can I exercise?
As the company’s single point of contact, Rafaella needed a platform that simplifies equity: a system that would manage their employee incentive plans and all equity-related activities.
Ledgy supports compensation managers by first empowering each employee with their own personal dashboard, keeping them well-informed on every aspect of their options.
Ledgy’s Employee Dashboard
Rafaella shows us in this quick video how Ledgy's Employee Dashboard empowers wefox employees and improves her daily workflows.
Giving employees this transparent form of ownership means they can empower themselves with the information they need - in real-time, including historical and future valuations of their holdings, exercise requests, access to all their documents, and more.
The result is that compensation and benefits managers are able to shift their focus to higher-level tasks, like company-wide pool and equity management - which is also simplified by Ledgy.
Equity Management with Ledgy
As the administrator of Ledgy’s platform, Rafaella spends most of her time within the Equity Plans Dashboard - calling it her “Go-To Place.”
Ledgy’s Equity Plans Dashboard
Wefox Group's hyper-growth makes it even more important to keep a tight track of their equity pools. And it’s the Equity Plans dashboard that gives Rafaella a clear overview on:
- Number of vested shares
- What has been granted
- What is grantable
- and more...
With the option of drilling down into the details.
When necessary she can enter into discussions with the CFO and board members with confidence, fully supported by data exports directly from Ledgy.
She can search transactions by name, date, type, or time-frame which will pull up quick overviews along with all associated documents.
No more missing documents, attachments, or searching for files.
“In the past we had issues with documents going missing but with Ledgy it’s easy for me to follow up by transaction and see what needs to be updated. Nothing ever goes missing and everything is always in its place. ”
This was just a brief overview of how wefox Group is using Ledgy to handle its equity management.
Check out our webinar with Rafaella for a more detailed walkthrough into how she uses Ledgy on a daily basis.
And if you want to learn more about Ledgy’s all-in-one solution for your company’s employee participation plans, cap table, and investor relations - Book a Demo.