As the app-focused insurance firm launches in the UK, II interviews its head of UK business development to talk ‘technology as an enabler’ and having the right skills in-house.
As insurtech continues to alter the dynamic of the insurance market, more innovative players are looking to tap into the market. German headquartered Getsafe offers an app-based insurance solution allowing customers to manage insurance on their smartphone. But how will the company compete with some of the insurance heavyweights?
“Firstly, Getsafe is targeting a younger audience of 25-35-year olds. This is an age group that doesn’t have high levels of engagement with insurance, but our app-based medium is more relevant to young consumers. Also, we don’t adopt a traditional cancellation policy, we offer customers modular insurance with daily cancellation so they only pay for what they need,” Johnny Stubbs, head of UK insurance and business development at Getsafe said.
The company is focused on building their business internationally and closed a Series A financing of around $17 million in July 2019, with Earlybird joining as a new investor and further funding expected in the next 6-12 months. But, according to Stubbs, the company hasn’t ruled out being acquired by a larger insurer in the future. “It’s always a possible end point to be acquired by an insurer but we are focused on the next round of funding at the moment,” said Stubbs. With Munich Re and AXA providing capacity in the background of the German side of the business and Hiscox on the UK side, Getsafe already has the backing of some prominent players in the insurance market.
insurtech, data, Getsafe, technology, global, app-based, innovative