October 9th, 2023
● Getsafe has acquired Luko's entire German customer base
● With this acquisition, Getsafe now has over 550,000 customers across four European markets
● Thanks to its D2C and multi-product strategy, Getsafe has again doubled revenue after a fivefold increase in the previous year and achieved operating profitability in its core markets
Getsafe, Europe’s leading neo-insurer based in Germany, has entered into an agreement to acquire the German customer base of French insurtech pioneer, Luko. With over 550,000 customers across Germany, the UK, France, and Austria, Getsafe is rapidly expanding its reach in Europe.
The acquisition covers Luko's entire German insurance portfolio of 50,000 policies, which includes Liability, Pet, and Home Contents insurance. The German Federal Financial Supervisory Authority (BaFin) approved the transaction in late September 2023, and the parties have agreed not to disclose the terms.
While other insurtechs are moving away from the Direct-to-Consumer model and are instead selling through traditional brokers, Getsafe has seen strong and profitable growth by focusing on its fully digital proposition for a younger customer segment of Europeans between 20-40 years old.
“Traditional insurance is broken for digitally savvy customers. They would never step into a broker’s office. We aim to become the go-to platform for 100 million young Europeans who will spend €300 billion on insurance in the next decade,” says Christian Wiens, CEO and founder of Getsafe.
Getsafe operates as a fully digital, mobile-first insurance company. 35% of its customers use the Getsafe app every month, which has resulted in strong engagement and growth. Getsafe’s revenue per customer has been doubling every year since Getsafe’s inception, as the young audience has an uncovered need for P&C, Life, and Health insurance products.
Christian Wiens adds: “By eliminating intermediaries such as brokers and agents, we achieve much higher customer satisfaction scores than the industry average. Additionally, our direct-to-consumer business runs with higher margins and is already operating profitably in our core markets.”
The acquisition of Luko Germany is an important milestone in Getsafe's history. “This deal is a first for us, and we are more than happy to welcome Luko's German customers to the world of Getsafe. We built our proprietary tech platform with scalability in mind from day one. The post-merger integration took us only a few weeks. From a technical perspective, integrating Luko's customer base was as easy for us as launching a new product,” explains Wiens.
Getsafe is a digital insurance company that creates a better insurance experience for everyone. Powered by its unique technological platform, Getsafe makes insurance simple, fair and accessible. As Getsafe replaces complexity and manual paperwork with smart bots and automation, customers can file claims or change their coverage in real-time with just a few clicks.
Since launching in Germany in 2018, Getsafe has become one of the best-rated insurtechs in Europe, serving over 550,000 customers. After starting its UK operations in 2020, expanding to Austria in 2022, and entering the French market this year, Getsafe is looking to expand further to serve even more European markets. Headquartered in Heidelberg, Germany, with hubs in London and Berlin, the company employs more than 250 people. In 2021, Getsafe received its insurance license from Germany’s financial regulator, BaFin. With €120 million raised to date, it is one of Europe’s top 10 funded insurtechs.