Better Together: Creating the Insurance for “Us”

Insurance is inherently social: we believe that the insurance of tomorrow will look more like a pal than a pile of paperwork

Better Together: Creating the Insurance for “Us”
2020-03-13
Patrick

The insurance of tomorrow

At Getsafe, we believe that the insurance of tomorrow will look more like a pal than a pile of paperwork. Earlier this year, we reached our first major milestone by becoming one of the world’s most engaging insurance apps. Today, we are excited to announce a new feature that we believe will evolve into yet another major benefit for our customers.

Discovering the Core Drivers of Happiness

When we initially embarked on the journey toward creating “insurance as a lifestyle,” we were not 100% sure which direction we wanted to go. Should we build disaster and crime warnings into the app? What about weekly raffles to give away free stuff? Maybe we should create an IoT store and connect all of the customers’ devices in one place. You get the idea.

Amid this chaos, our design team suggested hosting a focus group to gather some real customer feedback. The results were astounding and the takeaways were clear: our customers identified concepts such as “love,” “relationships,” and “belonging” as top drivers of happiness.

But how can something as monotonous as insurance drive a sense of belonging? Did Abraham Maslow even consider insurances when he built his hierarchy of needs?

Turns out, insurance is inherently social: it’s even written directly into the contracts. Here’s how.

Finding the “Us” in “Insurance”

Getsafe currently has over 100,000 active insurance policies. Around 30% of these policies cover a group of people rather than just a single individual. The contractual eligibility for covering additional people depends primarily on the concept of shared living; in other words, people who live together are often able to share coverage under a single insurance policy. For example, within a flatshare situation, only one flatmate needs to buy contents insurance for the entire household to benefit from the same policy. Similarly, our liability policy with the family upgrade as well as our legal policy both cover your loved ones if you live in the same household:

A Mindset Shift From Individuals to Micro-networks

Humans tend to live with those who are dearest to us, and many of us share insurance policies with our entire household. This phenomenon represents a huge opportunity for Getsafe to get to know our customers on a deeper level by better understanding who they care about most. Perhaps the most beautiful part: the social networks we build will never need to sell customer data in order to monetize.

This mindset shift toward thinking about our customer base as a collection of micro-networks rather than a group of individuals is game-changing. It has created an entirely new customer base that we were not able to address before. It has opened many doors in terms of value-added benefits we could provide to our customers. It has enabled us to reinvent the entire economics of how we think about customer acquisition and growth loops. Up until now, we’ve only allowed the primary policy holder on all of our insurance products to create user accounts and access our app. This represents tens of thousands of individuals in the real world who are covered by a Getsafe insurance policy but have absolutely no access to any of the benefits of our software products. By creating the world’s first inherently social insurance experience, we believe we will take a major step toward our mission to reinvent the entire industry.

All of the Benefits, None of the Cost

Starting today, we are proud to announce that all covered members will have access to the Getsafe app. The primary policy holders of the above mentioned “group” insurance policies now have the ability to invite their loved ones to our app and share the full Getsafe experience. To get started, simply tap the “+” button from the policy holder’s view of the app, then invite the rest of your members via email:

In addition to having a crystal clear, at-a-glance view of everyone who is covered, the invited members will have access to most of the same benefits of the Getsafe app as the primary policy holders themselves:

If you have gotten this far, thanks for reading! We’re happy that you’re interested in what we’re up to, and would be even more thrilled if you would consider joining our team. Feel free to reach out with any questions and/or feedback, and please stay safe.

Don’t be a stranger,

Patrick Tsao
Head of Product, Getsafe