The market entry of Getsafe in the UK marks the beginning of the company's expansion: in the coming years, the German insurtech based in Heidelberg wants to serve the whole of Europe.
Getsafe is the fastest growing insurance provider for millennials in Germany. CEO and founder Christian Wiens is looking forward to the competitive market environment in the UK: “Over the last two years, we have shown that our product meets a core need for the young, tech-savvy generation. With our insurance delivered through your smartphone, we are developing a product that fits perfectly with the living and communication habits of this generation.”
Despite the unpredictable environment created by Brexit, Getsafe has maintained a clear vision that the UK is a key priority for its European expansion. According to Christian Wiens, the political situation has generally caused some uncertainty regarding its regulatory implications on the financial sector. In order to offer its customers the greatest possible security in the long term, Getsafe has established an independent British subsidiary based in London, which allows it to operate completely independently of political decisions. What is more: For the launch of its flagship product in the UK, Getsafe has partnered with Hiscox. Wiens explains: “Getsafe acts as a platform with multiple carriers, including Munich Re and AXA, providing the capacity in the background. With Hiscox, we have a renowned carrier for our UK contents product at our side and are pleased to be working with them.”
The UK is by far the largest market in Europe in terms of e-commerce; mobile payments are standard here and neo-banks such as Monzo, Revolut, Starling or N26 are already firmly established. Those aged between 20 and 35 are particularly open to the idea of using smartphones to handle financial services in the UK. However, there is no comparable insurance solution for this target group as yet. “With our smartphone app, Getsafe will aim to close this gap in the market,” says Christian Wiens.
Getsafe has set out to rethink insurance and build one of the world’s leading digital insurers. To do so, it has used technology and machine learning to create a completely new insurance experience. With just a few clicks customers can take out insurance, view and change any of their personal or insurance details at any time. Getsafe has also developed a claims chatbot, Carla, who is available 24 hours a day to answer questions and report claims – empowering customers to claim easily, whenever they need to.
“At Getsafe we live the philosophy that insurance does not have to be complicated. That is why we offer our customers a simple and transparent solution at fair prices,” says Christian Wiens. Instead of a fixed contract with potentially rigid conditions, Getsafe offers a modular insurance that customers can choose individually according to their needs and cancel on a daily basis.
This allows the greatest possible flexibility and is especially relevant for young people who often have dynamic, changing lifestyles. To get started, customers in the UK can add personal possessions cover (which insures possessions out of home) and accidental damage to their contents policy.
“At the moment, we are particularly proud that our customers use our app intensively”, explains Christian Wiens. “More than a third of them return to our app every month to get information and to organize and protect what is most important to them in life. Such a high level of engagement has never been seen before in the insurance industry. We can now offer that to UK customers as well.”
In the coming months and years, Getsafe intends to continue its expansion and be active in all major European markets. The company is also continuously developing its range of insurance products: the first fully digital life insurance policy for German customers will follow this year.
Source: Company Press Release