Following its successful growth in the British market, Getsafe is expanding its portfolio and introducing its digital buildings and contents home insurance product. The new product bears much of the DNA which has made Getsafe so popular with the Millennial generation: Instead of a fixed contract with rigid terms, Getsafe offers a flexible insurance subscription that people can customize to their needs and cancel on a daily basis without admin fees. This allows customers – especially younger homeowners – to select the cover they need for their property and avoid paying for irrelevant packages.
63 % of the British population owns a home, which makes Getsafe’s new home insurance not only relevant to many people, but also to younger ones. This is why Getsafe chose to launch its product first in the United Kingdom, addressing an important security need for the majority of the population.
Christian Wiens, CEO and co-founder at Getsafe comments: “At Getsafe we believe that the world deserves better insurance. So we put together insurance that is transparent, accessible and fair. Helping thousands of customers to manage their insurance without any paperwork or hassle, in just a few seconds, all from their phones with just a tap. With this mobile-first approach, we are developing a product that perfectly meets the demand of a young, tech-savvy generation.”
Getsafe has set out to become the one-stop solution for all people who want to manage insurance via smartphone. Already more than one quarter of Getsafe’s total growth is generated through the British market. Christian Wiens says: “In the past six months, we more than doubled our customer base to now 50,000 in the UK alone. With our new product, we expect to double our growth rate again.“
Founded in 2015, the insurtech began as a digital broker, then pivoted to develop its own digital insurance products as a managing general agent. In 2021, Getsafe obtained its own insurance licence for Germany and the European Union, allowing the company to control the full value chain and to innovate even faster. Currently, Getsafe employs 170 people at three locations and serves more than 300,000 customers. In the following months, Getsafe plans to expand its operations to markets in France, Italy and Austria.
Christian Wiens comments: “The pandemic has accelerated the adoption of digital insurance solutions. Especially digital-savvy target groups are used to doing everything via smartphone – this includes banking and trading, and it also includes insurance. Thanks to our platform, we replace complexity and manual paperwork with smart bots and automation, creating a better and faster insurance experience for everyone. We want to build one of Europe’s leading digital insurers, and we are just getting started.”