Getsafe hits 300,000 customer mark and further expands into Europe

Digital insurer Getsafe looks back on a very successful 2021. Getsafe’s customer base grew to over 300,000 active customers. In parallel, Getsafe applied for licenses in the markets of France, Italy and Austria in March of this year. In the UK, Getsafe is further expanding its product range to include home insurance.

Press Release

2022-03-29

For Getsafe, 2021 was marked by a large Series B financing and obtaining an insurance license. With 300,000 customers, Getsafe is consolidating its position as Europe's leading neo-insurer. Christian Wiens, CEO and founder of Getsafe, says: "Last year was a turning point. We have proven the robustness of the business model and are growing faster than expected both at home and abroad. In 2022, we will further accelerate this growth."

In 2021, Getsafe also invested in its technology and introduced new functionalities. Since last year, for example, customers are able to track the precise status of their claim in real time. The self-service strategy has struck a chord: more than a third of Getsafe’s customers use the app every month – more than any other insurer in Germany. At the same time, Getsafe can offer its customers a high level of service at a comparatively low price: More than 90 percent of all interactions are automated and carried out without any human intervention.

The neo-insurer has set itself the goal of being the contact point for all people looking for a fully digital solution for insurance. Getsafe’s first few years were therefore mainly focused on creating the technological infrastructure needed to achieve this: all steps of the value chain – from the offer to the conclusion of the contract to the settlement of claims or cancellation – are handled in real time via the website or mobile app. Wiens explains: "From day one, our insurer started with a purely digital claims centre. This allows us to process claims faster than is usual in the market –  we settle 90 per cent of claims in less than five days."

Boosted by strong growth in Germany and the UK, Getsafe notified the German regulator BaFin in March 2022 that it would expand its operations to markets in France, Italy and Austria. "As we look ahead, our internationalisation strategy is to continue deepening our footprint in core European markets," says Christian Wiens and continues: "Thanks to our platform, we are able to enter a new market within months." Getsafe currently employs 170 people at its headquarters in Heidelberg and two offices in London and Berlin.

Getsafe is also expanding its product range in the UK. The company is launching home insurance in April. In Germany, Getsafe took the long-planned step into life insurance earlier this year. Together with partners, the company offers products in the area of disability and pension insurance and plans to add health solutions to its range later this year. "The demand for life insurance from Getsafe customers has really exploded since the launch in January. This makes us confident that we can build a strong digital life and health insurer in Europe," Wiens says.

The pandemic has accelerated the adoption of digital insurance solutions. In view of current geopolitical and economic uncertainties, social security has become more relevant for many. When looking at the Millennial generation, there is an additional peculiarity: They have realised that they need to provide for their old age themselves and cannot only rely on state pensions. At the same time, the financial crisis and scandals like the Wirecard affair have damaged their trust in banks and traditional insurers.

Christian Wiens explains: "Digital-savvy target groups are used to doing everything via smartphone – this includes banking as well as investments and financial security. Neo-brokers focus on mobile, transparent solutions to help customers participate in economic growth; neo-banks enable mobile financial services; and neo-insurers target people who also want to take out and manage insurance and pension products via their smartphone. Together, neo-banks, neo-brokers and neo-insurers have stepped up to ensure that generations Y and Z do not fall through the cracks."

ABOUT GETSAFE

Getsafe is a digital insurance company that is creating 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 300,000 customers. After having started its UK operations in 2020, Getsafe is now looking to expand in order to serve even more European markets. Headquartered in Heidelberg, Germany, with offices in London and Berlin, the company employs more than 150 people. In 2021, Getsafe received its insurance licence from Germany’s financial regulator, BaFin. With $116 million raised to date, it is one of Europe’s top 10 funded insurtechs.

Learn more about Getsafe on our website or on ​LinkedIn​ and ​Twitter​.

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Dr. Lydia Prexl

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