Founded by Christian Wiens and Marius Simon in 2015, Getsafe entered the UK insurance market about one year ago. The Germany based Insurtech has posted some information looking back at the last 12 months.
In December, Getsafe secured a $30 million funding round led by Swiss Re – bringing the Insurtech to $53 million in total funding. The additional capital will be used to expand to other European markets besides the United Kingdom.
According to the company, it is now serving over 150,000 customers in the UK while employing 120 individuals. UK customers may now choose between five offerings, including coverage on accidental damage, personal possessions, home emergency, tenant liability, and legal protection. In Germany, Getsafe also offers automobile insurance as well as health insurance, and some other coverage segments.
Many of their customers are said to be millennials who buying their first insurance policy. Customers may cancel their policy at any time – removing long-term commitments for its services. Getsafe claims to be the most sold insurance brand to millennials in Germany.
The Insurtech admits that it has not all been easy as COVID-19 has impacted the company’s expansion plans as travel restrictions and reduced consumer spending has become a hurdle.
Getsafe CEO Wiens, states:
“We want to inspire and positively surprise people with a digital customer experience. Innovation in insurance is still at an early stage. We have a lot to do to achieve our goal of making mobile insurance the standard throughout Europe, but we’re on the right track.”
When Getsafe launched in the UK in January 2020, Wiens said they have shown that their product meets a core need for the young, tech-savvy generation.
“With our insurance delivered through your smartphone, we are developing a product that fits perfectly with the living and communication habits of this generation.”