European neo-insurer Getsafe is on a mission to make insurance more relevant to people today. Having partnered up with Quotezone, the company is bringing insurance via a smartphone app to the UK.
Having launched its contents flagship product at the beginning of 2020, Getsafe has now teamed up with Quotezone, one of the UK’s leading insurance comparison platforms. Welcoming this new partnership, Christian Wiens, CEO and co-founder at Getsafe comments:
“The UK is an important, yet highly competitive market. Those aged between 20 and 35 are particularly open to the idea of using smartphones to manage financial services. However, at present there aren’t many providers that offer this target group an app for managing insurance coverage. Together with Quotezone, we aim to close this gap in the market.”
The COVID-19 outbreak and the subsequent lockdowns in both Germany and the UK made business travel impossible and slowed down negotiations with partners. Despite this, Getsafe already sees its business growing twice as fast as it did in Germany when launching back in 2018.
“The corona situation unfortunately forced us to adjust our ambitious business plan for the UK. We are happy to see traction now and are optimistic about catching up on our numbers in the months to come”, says Christian Wiens.
Despite this minor setback and the unpredictable environment created by Brexit, the UK remains a key priority for Getsafe’s European expansion. It is by far Europe’s largest fintech and insurance market. Mobile payments are standard in the country, and neo-banks are already firmly established. Christian Wiens:
“By providing our insurance via smartphones, we are developing a product that perfectly suits the living and communication habits of the smartphone generation. This demographic is particularly open to the idea of using their phones to manage financial services.”
As a digital-first insurance brand Getsafe has broad appeal with millennials, most of whom are digital natives. For the under 30’s, insurance can be confusing, boring or even a necessary evil, and some of them are not aware which insurance they need until something happens. At the same time, millennials in Europe will take out one billion insurance policies within the next 10 years, with a combined value of approximately €300 billion. Getsafe aims to tap into this market segment and put people’s needs before overly complex policies and paperwork.
Getsafe is proud by the fact that it is closing in on the insurance gender gap (the fact that women are typically less insured compared to men). Especially within its young customer base of under 25-year-olds, almost 50% of customers are female. Christian Wiens explains: “This is a wonderful development, and we hope to fuel a paradigm shift in the insurance industry, which was always a predominantly male product. Not so with Getsafe.”
Founded in 2015, Getsafe began as an insurance broker before pivoting to begin developing its own digital insurance products as a managing general agent. The company applied for its own carrier licence in early 2020.
With over $25 million in venture capital funding from top investors like CommerzVentures, Earlybird Venture Capital, BtoV Partners, GFC, Partech and Capnamic, Getsafe is growing faster than most traditional insurers within the millennial demographic, and has already won nearly 10% market share in Germany. Christian Wiens says:
“We have become Germany’s most-sold insurance brand among millennials, now counting well over 100,000 policyholders, 30% of which have multiple policies with us.” Getsafe employs over 100 people and has its headquarters in Heidelberg, Germany as well as a satellite office in London.
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