Getsafe are taking the bull by the horns and trying to crack the notoriously reluctant tenant insurance market. In the UK most people now live in rented housing, and not all of them are renting from Housing Trusts or councils and struggling on benefits. Some tenants actually earn over £3000 a month, own expensive gadgets, watches, bicycles, pets etc and can easily afford Contents insurance, but choose not to have it as they feel they are essentially covering the landlord’s stuff, plus if you’re working from home then the chances of your 10-speed racer being nicked are much reduced.
Can this new partnership sell Contents insurance to tenants? Here’s the news from Getsafe;
Digital insurer Getsafe and price comparison site Confused.com joined forces to offer a digital-first insurance experience to customers in the
United Kingdom. The partnership will help simplify insurance for a new generation of customers during uncertain times.
Technology has always been at the heart of everything Getsafe does. Founded in 2015 by Christian Wiens and Marius Simon in Heidelberg, Germany, the company started out with a vision of making digital insurance the go-to option in Europe. Now active in two markets, Germany and
the UK, Getsafe has entered a partnership with price comparison site Confused.com. This collaboration will offer greater value to customers throughout the country and expand the reach of Getsafe’s app-based insurance experience.
Confused.com is one the UK’s top comparison sites, helping a large percentage of the population find the best insurance deals. Talking about teaming up with Confused.com in the UK, Christian Wiens, Founder and CEO at Getsafe, explains: “33 percent of Brits want to purchase and manage insurance completely digitally, with the COVID-19 outbreak playing a significant role here. The rising interest in digital insurance is independent of age or gender.”
The partnership comes at a critical time for the UK. The coronavirus pandemic has created much uncertainty throughout society, with many renters now searching for insurance to provide an extra safety net. This is highlighted by an increase in search volume for renters insurance over the last 18 months based on Google search trends. Having more insurance contract flexibility and managing policies digitally is something a new generation of customers now demand. Getsafe sees plenty of potential in the UK market – particularly among renters, with this market continuing to grow. This is highlighted by the fact that people living in the private rented sector increased by 63 percent between 2007 and 2017. That’s why Getsafe offers a contents insurance product that is as flexible as peoples’ lifestyles, with the option to update details, adapt coverage, and even cancel at any time without a fee via the Getsafe app.
Christian Wiens explains: “We’re aware that the COVID-19 pandemic has caused major disruption to people’s lives. People want that extra level of security and peace of mind. That’s what we’re offering with our comprehensive contents insurance product.”
Based on estimates by Getsafe’s internal finance team, Getsafe predicts that millennials in Europe may purchase 1 billion insurance policies over the next ten years, amounting to a combined value of around €300 billion. Confused.com and Getsafe are committed to listening to their customers’ needs and offering products that fulfill their requirements. Therefore, both companies are on a mission to bring greater value to the UK renters, who are looking for more flexibility and price transparency. Find our more at hellogetsafe.co.uk and confused.com.