Getsafe, the German insurance company that offers home insurance through an app, has launched in the UK despite an increasingly competitive insurance market in the country and the difficult regulatory problem of Brexit.
As a result, Getsafe has established an independent UK subsidiary based in London to protect it from future political decisions regarding future trade relations between the UK and the European Union.
The start-up has also partnered with Hiscox to start home UK home insurance. She is currently working with Munich Re and AXA for other markets.
Getsafe was founded in Heidelberg in May 2015 by Christian Wiens and Marius Blaesing and initially started as a digital insurance broker before moving on to its own direct insurance offering (the brokerage business was sold to Verivox).
As a digital insurer for thousands of years – and one of the fastest growing digital insurance apps in Germany – Getsafe's flagship product offers flexible household insurance as well as other "modules" such as z) and accident insurance. The idea is that you build and only pay for the exact coverage you need.
Earlier this week I tried Getsafe's entry-level process and signed up for basic household insurance. The process was as painless as possible and within a few minutes I had hedged less than £ 5 a month, which felt very competitive.
Of course, the startup here in the UK is not without digital competitors – for example Brolly Contents – and the evidence for every insurance product is when you have to make a claim. For this purpose, Getsafe has developed a damage chatbot called Carla, which is available around the clock to answer questions and report claims. Let's hope I never have to chat with Carla.
According to Christian Wiens, CEO and founder of Getsafe, the UK is an attractive market (despite Brexit) because consumers are used to buying financial products digitally. He argues that the UK is by far the largest market for e-commerce in Europe, that mobile payments are also standard here and that "neo-banks" such as Monzo, Revolut, Starling and N26 are well established. In contrast, he argues that the insurance has not yet caught up. "With our smartphone app, Getsafe wants to close this gap in the market," says Wiens.
In June 2019, Getsafe raised $ 17 million in Series A funding. The round was led by Earlybird with the participation of CommerzVentures (and other existing investors).