One year ago, Getsafe launched in the UK – marking the start of the company’s expansion into new markets. Despite the challenges presented by the global pandemic, Getsafe pushed on with its agenda, including gaining $30 million in new funding and beginning partnerships with leading price comparison websites. It’s time to look back on 2020.
Technology and innovation are the driving force behind Getsafe. Many of the new generation of customers demand a digital experience that reduces complexity – without piles of paperwork and long conversations with brokers. This is exactly what Christian Wiens and Marius Simon planned to address by founding Getsafe in 2015.
Since then, the company became active in two markets and amassed over 150,000 customers – many of whom are millennials buying their first insurance policy. Using technology, Getsafe digitizes core aspects of insurance, such as documentation and claim filing. For consumers with a preference for digital channels this is especially significant, as there is a demand for services that are as flexible as their lifestyle. Getsafe chose to expand to the UK, as it is a strong Fintech market in Europe and digitisation is deeply embedded in society.
It hasn’t all been plain sailing though. The COVID-19 pandemic disrupted Getsafe’s rapid expansion plans, with travel restrictions and reduced consumer spending acting as a hurdle. Additionally, the UK’s decision to leave the EU created market uncertainty. However, the company persevered during these challenging times and set up a UK-based team. The company is now seeing the fruits of its labour.
After starting from scratch at the beginning of 2020, Getsafe is now live on three of the leading and most prominent price comparison sites (Quotezone, Confused.com, and GoCompare) in the UK. This increases Getsafe’s exposure in the UK and helps consumers purchase insurance more quickly, have transparency over what they’re buying, and find the best deals – a huge win in terms of establishing Getsafe in the UK.
Additionally, Getsafe also evaluated its contents insurance product and improved it. UK customers can now expand their coverage with three new extensions – bringing the total number of extensions to five. Customers now have greater flexibility to build their own insurance package in a modular way and only pay for what they need. The extensions enable users to cover accidental damage, personal possessions, home emergency, tenant liability, and even add legal protection. What’s more, Getsafe also offers its customers the opportunity to cancel their policy at any time – removing long-term contracts and reflecting the lifestyles of customers in the digital age.
Getsafe’s launch in the UK is just the beginning. The digital insurer has plenty planned for the future, including growing its UK-based team and expanding its product portfolio. Christian Wiens, founder and CEO at Getsafe explains: “We want to inspire and positively surprise people with a digital customer experience. Innovation in insurance is still at an early stage. We have a lot to do to achieve our goal of making mobile insurance the standard throughout Europe, but we’re on the right track.”
Those aged between 20-35 years old in the nation are also very open to the idea of using an app on their smartphones for financial services. Getsafe research indicates that millennials in Europe will purchase 1 billion insurance policies over the next ten years, amounting to a combined value of around €300 billion. Against the backdrop of a new generation demanding digital, mobile services, innovation and using the potential of technology will be key to thriving in a new age. Getsafe is on a mission to reinvent how Europe does insurance.
Dr. Lydia Prexl
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