Contents insurance is changing fast and let’s be honest, it really needs to as the UK has more renters than home buyers. The thing abput renting is that often the white goods and furnishings are provided by the landlord, so you only need to insure the stuff you own, and would really miss if it was stolen or damaged beyond repair.
Pioneers like Buzzvault have shown the way; take a smartphone photo of your stuff, upload, get a quote, insure, pay online. No cancellation fees, no pesky admin fees when you add a new bike or laptop to your contents policy. That’s the way forward. Here’s some interesting news from German company Getsafe;
Following its successful market entry in Germany, Getsafe is today launching its digital
contents insurance in the UK. This marks the beginning of the company’s expansion: in the coming years, the German insurtech based in Heidelberg wants to serve the whole of Europe. Getsafe is the fastest growing insurance provider for millennials in Germany. CEO and founder Christian Wiens is looking forward to the competitive market environment in the UK:
“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.” Despite the unpredictable environment created by Brexit, (Remainers said that as the UK was leaving the EU, companies wouldn’t bother with the UK market, yet here we have Getsafe launching within weeks of the GE result – Ed) Getsafe has maintained a clear vision that the UK is a key priority for its European expansion.
According to Christian Wiens, the political situation has generally caused some uncertainty regarding its regulatory implications on the financial sector. In order to offer its customers the greatest possible security in the long term, Getsafe has established an independent British subsidiary based in London, which allows it to operate completely independently of political decisions.
What is more: For the launch of its flagship product in the UK, Getsafe has partnered with Hiscox. Wiens explains: “Getsafe acts as a platform with multiple carriers, including Munich Re and AXA, providing the capacity in the background. With Hiscox, we have a renowned carrier for our UK contents product at our side and are pleased to be working with them.”
The UK is by far the largest market in Europe in terms of e-commerce; mobile payments are standard here and neo-banks such as Monzo, Revolut, Starling or N26 are already firmly established. Those aged between 20 and 35 are particularly open to the idea of using smartphones to handle financial services in the UK. However, there is no comparable insurance solution for this target group as yet. (Buzzvault – Ed) “With our smartphone app, Getsafe will aim to close this gap in the market,” says Christian Wiens.