This German insurtech startup helps you cover yourself & your universe from your smartphone; raises €24.7M

08 Mar 2022 14:16 | Anonymous

The insurance industry across the world is on a high note. An average insurance penetration worldwide was around 7.2% in 2019, as per a report, but despite the Covid-19, it looks set to increase in the coming years. This could be the reason why insurtech companies are looking to disrupt the market by developing digital insurance platforms with insurance companies and suppliers.

Raises €24.7M

In a recent development, German digital insurance company, Getsafe, has raised $30M (approx €24.7M) in its Series B round of funding led by Swiss Re’s digital platform iptiQ. This brings Getsafe’s total funding to $53M (approx €43.7M), to date. Existing investors, including Earlybird, CommerzVentures, btov Partners, and Capnamic Ventures, also participated in this round.

Use of the funds

Explaining how the funds will be utilised, Christian Wiens, founder, and CEO of Getsafe says, “The latest funding will allow us to significantly accelerate our growth, to consolidate our position as market leader among millennials in Germany, and to expand into other European markets.”

Besides, Getsafe states that it intends to extend its funding with a second tranche to be closed ahead of the receipt of its own insurance license, scheduled for the first half of 2021.

About Getsafe

Founded in 2014 by Christian Wiens and Marius Blaesing, Getsafe is a digital insurance company that helps people “cover themselves and their universe simply from their smartphone.”

Getsafe claims to use technology and machine learning to create an entirely new insurance experience. Through the Getsafe app, customers can take out insurance, view, and change any of their personal or insurance details at any time. The platform has also developed a claims chatbot, Carla, that’s available 24 hours a day to answer questions and report claims; empowering customers to claim or change their coverage in real-time.

The company offers digital insurance products in all lines of business, including property, health, and life.

In the future, Getsafe wants to deliver products and services to customers even faster. Therefore, the company applied for a property and casualty insurance license from the Federal Financial Supervisory Authority (BaFin) earlier this year. 

“We want to inspire and positively surprise people with a digital customer experience. What we have seen so far in terms of innovation in the insurance market is just the tip of the iceberg”, says Wiens.

Growth and development

In past one year, Getsafe has entered the British market, increased its number of customers to more than 150,000, and now employs over 120 people. 

Christian Wiens explains, “In the middle of one of the biggest economic crises in history, we have undergone rapid development and established ourselves as an insurance company for consumers with a preference for digital channels. However, we are still at the beginning of our journey and have plenty to do to make insurance more digital throughout Europe.”

Earlier in November, Getsafe and iptiQ jointly launched a smartphone-based car insurance product in Germany. Now, users can purchase insurance with the Getsafe app, file a claim, and manage their policy in real-time. The company explains that this technology-driven approach lays the foundation for the future, wherein anonymous smartphone data from millions of people can help analyse and detect dangerous driving behaviour and better prevent accidents at an early stage.

Getsafe’s strategy to grow with their young customer base is paying off as already 30% of revenues are generated by customers buying additional policies with the company.

Christian Wiens says in a press release, “Over the last two years, we have shown that our 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.”

In June 2019, the German startup had raised €15M in its Series A round. The round was led by Earlybird along with participation from CommerzVentures and other existing investors. The company also won the Fintech Germany Award as outstanding German Insurtech, in September this year.

Comments

  • 26 May 2022 15:50 | Anonymous
    Rated 1 out of 5 stars
    2 days ago
    Legal Insurance is horrible
    Again. It happened already almost a couple of years ago for the same product.

    I am a loyal customer of Getsafe, holding my liability, content, dental, travel, car and legal insurance. I am only talking about the Legal Insurance in this topic: two years ago I opened a claim to get information regarding my rights over the insolvency procedures of the company I was working with. Ages to get a reply, resolved with 5 minutes call with a lawyer who rejected to offer me a written description of what she said. After that I decided to stop the contract and I resume it some months ago. I received a fine a week ago, where is stated something I am sure it does not corresponds to the reality. Tried to call Getsafe, no replies. Sent an email, few hours later I have received an autoreply stating that they are overloaded and I need to refrain to call or send further emails (by the way, I have written in english and the email was in German….). I have one week to contest the fine and today is the last day. Now, I need to pay it, as I pay Getsafe Legal insurance.
    Link  •  Reply
    • 26 May 2022 15:57 | Anonymous
      Hey Nicola,
      Thank you very much for your review. Your feedback is very important to us! We are very sorry that we could not meet your expectations. We would like to change that! Feel free to send me an email at emma@hellogetsafe.com. We’ll help you find another solution to meet your needs.
      Kind regards,
      Emma
      Link  •  Reply
  • 26 May 2022 15:58 | Anonymous
    Good cover, cheap price.

    However, i decided not to renew, emailed then to advise which they confirmed back in writting.

    Since then I've had multiple email which have been getting more and more aggressively worded that I need to pay them or they will cancel my cover. Funny that I don't have a policy with them
    Shoddy service.
    Link  •  Reply
    • 26 May 2022 15:59 | Anonymous
      Reply from Getsafe

      3 days ago
      Hey Alex,
      Thank you very much for your review. Your feedback is very important to us! We are very sorry that we could not meet your expectations. We would like to change that! Feel free to send me an email at emma@hellogetsafe.com. We’ll help you find another solution to meet your needs.
      Kind regards,
      Emma
      Link  •  Reply
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