Getsafe, the digital insurer targeting millennial buyers in Germany and the UK, has expanded its Series B funding round to $93M. The company is now serving a quarter of a million customers in Germany and the UK, consolidating its position as Europe’s largest neo-insurer.
Among the new investors are some of the largest Family Offices from Germany and Switzerland, for example Abacon Capital. Existing investors Earlybird, CommerzVentures and Swiss Re also participated. Getsafe plans to use the money to fund its own insurance licence by the end of 2021 and to accelerate its European expansion.
The company began offering renters insurance in Germany in late 2017, and has expanded its product portfolio to a car insurance product at the end of last year. It also launched its renters insurance product in the UK in 2020. Currently, one quarter of Getsafe’s total growth is already generated through the British market.
“The insurance brands we know today have been founded in a totally different era,” says Christian Wiens, CEO & Co-Founder of Getsafe. “But insurance, more than many other products, can be much better when powered by technology and machine learning. This is why we believe that insurance companies built from scratch, on their own digital platform, are set to become the dominant insurance players for the generations to come.”
Getsafe is digitising the entire insurance process and making it accessible through its top-rated smartphone app. Via the app, customers can buy, manage, and adapt their policies as well as file a claim on the go – all in just a few seconds.
Among first-time insurance buyers, mostly millennials, Getsafe is already leading the German market. A lot of that success goes back to Getsafe’s superior customer engagement rates. In fact, 30% of customers use the Getsafe app every month – a much higher engagement than that of traditional insurance companies or brokers.
“We are delighted to work with the team surrounding CEO Christian Wiens. Getsafe’s vision to excite people with a digital insurance experience, and to sustainably change this industry is a fantastic journey to be part of,” says Christian Nagel, partner at Earlybird. “At Earlybird, we invest in innovative and scalable technology companies that have the potential to revolutionise entire industries. The disruption of the insurance sector is well underway and holds lots of growth opportunities. Getsafe is uniquely positioned to bridge the gap between traditional insurance distribution and the needs of a new generation of customers across Europe.”
To control the full value chain, Getsafe has applied for a licence with the Federal Financial Supervisory Authority (BaFin, for short) last year. With its own licence, Getsafe plans to expand its product offering and innovations even faster. “We don’t only want to do insurance differently, but we want to make it unconditionally better. The innovations in the insurance market we’ve seen so far are merely the tip of the iceberg. Becoming a full-stack carrier will give us the necessary freedom to take unconventional paths and to realise innovations quicker than before,” states Christian Wiens.
In the long term, Getsafe wants to offer holistic insurance coverage for people across Europe, including life insurance. Getsafe’s proprietary infrastructure is inherently geared towards multiple product lines, languages, and markets. Contrary to established insurance corporations, Getsafe is thus able to expand to new product lines and markets within a few months while offering a consistent, fully-digital customer experience.