Getsafe, the digital-first insurance coverage startup that originally launched with an app for dwelling contents insurance coverage, has closed $30 million in Collection B funding.
Swiss Re, the reinsurer big, led the spherical. Existing investors, together with Earlybird and CommerzVentures, additionally participated. Getsafe has raised a complete of $53 million up to now since being based in Could 2015.
The corporate says it plans to increase its Collection B funding with a second tranche to be closed forward of the corporate launching merchandise powered by its personal insurance coverage licence, scheduled for the primary half of 2021.
Pitching itself as a digital insurer geared toward millennials, Getsafe’s first product affords versatile dwelling contents insurance coverage, together with different “modules,” akin to private possessions cowl (which insures possessions out of dwelling) and unintended harm cowl. Out there within the U.Ok. and Germany and delivered by way of a straightforward to make use of app, the concept is that you simply construct and solely pay for the precise cowl you want.
Co-founder and CEO Christian Wiens tells me Getsafe presently has 150,000 energetic clients and that 90 % of Getsafe customers purchase insurance coverage for the primary time. “We promote extra insurance policies to first-time insurance coverage consumers in Germany than incumbents like Allianz, Axa, Zurich, and many others,” he says.
Requested why Getsafe is shifting to its personal insurance coverage license, Wiens says it’s going to allow the insurtech to innovate with new merchandise sooner. “It’s higher to have an insurance coverage license, performing as a dealer creates no innovation,” he says, including that insurance coverage is a “marathon” and a long run play.
“We hoped to navigate regulation sooner and be capable to use extra current software program, however wanted to construct most tech from the bottom up,” says Wiens.
In the meantime, the brand new partnership between Getsafe and Swiss Re is already bearing fruit. Final month, the pair launched digital automotive insurance coverage optimised for smartphones. “With only a few clicks, customers can buy insurance coverage with the Getsafe app, file a declare, and handle their coverage in actual time”.
“You’ll be able to cancel or discontinue the protection any time e.g. should you don’t use the automotive in winter months or throughout summer season holidays, simply swap it off,” explains the Getsafe CEO.
You can even add as much as 5 co-drivers to your protection free of charge within the app. “In 2021, we plan to check driving behaviour primarily based pricing,” provides Wiens. “We [will] observe your driving with the app and also you get monetary savings should you drive safely”.