The German insurtech company, Getsafe, that provides insurance for home contents through an app, has brought its services in the U.K., regardless of a rising competitive market for insurance in the country, and the harsh regulatory issue of Brexit.
Entering the U.K. despite Brexit
This has resulted in Getsafe integrate a stand-alone British subsidiary based in London, to protect it ahead of future political decisions regarding the future trading relationship between the European Union and the U.K.
To roll out its most famous home contents insurance service in the U.K., the startup has also teamed up with Hiscox. Currently, it has a partnership with AXA and Munich.
Christian Wiens and Marius Blaesing founded the company in May 2015, in Heidelberg. Initially, Getsafe was launched as a digital insurance broker before shifting to a direct to consumer insurance offering of its own (Verivox bought its brokerage business).
Pitching it as a digital insurer focused on millennials and one of the quickest growing digital insurance apps in Germany, Getsafe’s flagship product provides flexible insurance for home contents, and other “modules,” such as cover policy for personal possessions (which insures out of home possessions) and accidental damage cover. The basic idea is that you build and only pay according to your required cover you.
Fair Share of competition
Earlier this week, an employee of TechCrunch, underwent the on-boarding process of Getsafe. He downloaded the app for a spin and signed up for basic home contents insurance. According to him, “The process was just about as painless as it could be and within just a few minutes I had cover for less than £5 per month, which felt very competitive.”
It is obvious that the startup has its fair share of digital competitors in the U.K., Brolly Contents is one, for instance, and the proof of any insurance product is when you need to do a claim. To execute this, Getsafe has designed a claims chatbot named Carla, who remains available 24 hours a day to report claims and answer questions. Let’s hope no one ever has to chat with Carla.
Christian Wiens, Getsafe CEO and founder states that the U.K. is a lucrative market (despite Brexit) as consumers are customary to buy financial products digitally. He has observed that the U.K. is by far the largest e-commerce market in Europe, noting that mobile payments are standardized here and “neo-banks” such as Revolut, Monzo, N26, and Starling are well-settled. In contrast, he argues that insurance is yet to catch up. “With our smartphone app, Getsafe will aim to close this gap in the market,” says Wiens.
In a Series A funding, Getsafe managed to raise $17 million (€15m), in June 2019. Earlybird led the round, with participation from CommerzVentures (and other existing investors).
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