January 26th, 2023
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The digital insurer Getsafe has expanded its European presence by another, now fourth, market: As of today, residents of France can take out home contents and buildings insurance from Getsafe. As usual, the company relies on a flexible and digital offer: With just a few clicks and in real-time, customers can file claims, change their insurance coverage, or clarify their concerns via the app.
Christian Wiens, CEO and co-founder of Getsafe, explains: "The insurance world is lagging far behind when it comes to digital solutions. Getsafe is a pioneer – we want to simplify insurance for millions of people. With the move into France, we are now active in all major European insurance markets. We therefore believe we are ideally equipped to become a leading fully-digital insurer in Europe. I'm proud of the team for managing two market expansions in less than seven months."
As recently as June of last year, Getsafe had expanded into Austria. The company also expanded its product offering in the German and UK markets. End of last year, the company welcomed a new Chief Product Officer and a new Chief People Officer to its management team, both coming from leading tech-unicorns in Europe, setting the organization up for the next phase of growth.
Getsafe has over 400,000 customers, including 100,000 in the UK alone. In France, the company intends to benefit from its previous experience abroad. All markets run on the same technical platform. In addition, the insurer has built up an experienced team in France in recent months to meet all the local needs of its customers.
Demand for digital insurance remains high, especially among young people. The market potential is huge. It is estimated that young Europeans will buy insurance worth 380 billion euros in the next ten years.
"When we launched our contents insurance five years ago, many in the industry didn’t see the potential of our model. After all, a contents insurance policy only costs a few euros a month – so it's hard to generate significant revenue. But now we are a fully-licensed insurer, with the largest market share among first-time insurance customers under 35 years to whom we can offer a vast range of insurance products covering all important areas of life. Because of this unique customer access, we play in a different league. Our sales grew by 500% in 2022," says Christian Wiens.
Since the beginning of 2022, the company has started offering occupational disability insurance, private health insurance, and pension insurance together with partners in Germany. With its entry into the complex life and health insurance products, Getsafe has built a team of experts to add a human touch to the customer experience.
Getsafe benefits both from the long-term nature of the insurance business – customers usually hold their policies for decades – and from a growing need among people for protection and provision in the face of major geopolitical, financial, and climate challenges. In addition, Millennials and Generation Z have realized that they need to take care of their retirement planning and health protection and not just rely on public security systems.
Christian Wiens comments: "Fintechs and insurtechs have been viewed critically in recent months after company valuations plummeted in some cases. But blanket criticism is misplaced. We are currently experiencing an exciting phase in which a focused strategy and strong product-driven customer relationships are more important than growth at any price. This is a fundamentally good and healthy development. At Getsafe, we focused on sustainable growth early on, generating over 50% of our revenue organically from our customer base. This is now paying off."
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 400,000 customers. After having started its UK operations in 2020, and entering the Austrian market this year, Getsafe is looking to expand further in order to serve even more European markets. Headquartered in Heidelberg, Germany, with offices 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.
Phone: +49 (0) 1515 1297427