Digital contents insurer Getsafe enters UK market
Following its successful market entry in Germany, Getsafe, a fast-growing insurance provider for millennials, has launched its digital contents insurance in the UK. This marks the beginning of the company's expansion: in the coming years, the German insurtech, based in Heidelberg, wants to serve the whole of Europe.
Getsafe CEO and founder Christian Wiens said he is looking forward to the competitive market environment in the UK: "Over the last two years, we have shown that our product meets a core need for the young, tech-savvy generation,” he said. “With our insurance delivered through your smartphone, we are developing a product that fits perfectly with the living and communication habits of this generation.”
Despite the unpredictable environment created by Brexit, Getsafe sees the UK as a key priority for its European expansion. According to Wiens, the political situation has generally caused some uncertainty regarding its regulatory implications on the financial sector. In order to offer its customers the greatest possible security in the long term, Getsafe has established an independent British subsidiary based in London, which allows it to operate completely independently of political decisions.
For the launch of its flagship product in the UK, Getsafe has partnered with Hiscox. “Getsafe acts as a platform with multiple carriers, including Munich Re and AXA, providing the capacity in the background,” said Wiens. “With Hiscox, we have a renowned carrier for our UK contents product at our side and are pleased to be working with them."
The UK is the largest market in Europe in terms of e-commerce: mobile payments are standard and neo-banks such as Monzo, Revolut, Starling or N26 are already firmly established. Those aged between 20 and 35 are particularly open to the idea of using smartphones to handle financial services in the UK. However, Getsafe believes there is no comparable insurance solution for this target group.
"With our smartphone app, Getsafe will close this gap in the market," said Wiens. Getsafe has used technology and machine learning to create a new insurance experience. With a few clicks, customers can take out insurance and view and change any of their personal or insurance details at any time.
Getsafe has also developed a claims chatbot, Carla, who is available 24 hours a day to answer questions and report claims.
"At Getsafe we live the philosophy that insurance does not have to be complicated. That is why we offer our customers a simple and transparent solution at fair prices," said Wiens. Instead of a fixed contract with rigid conditions, Getsafe offers a modular insurance that customers can choose individually according to their needs and cancel on a monthly basis. This allows the greatest possible flexibility and is especially relevant for young people who often have dynamic, changing lifestyles. To get started, customers in the UK can add personal possessions cover (which insures possessions out of home) and accidental damage to their contents policy.
"At the moment, we are particularly proud that our customers use our app intensively", said Wiens. "More than a third of them return to our app every month to get information and to organise and protect what is most important to them in life. Such a high level of engagement has never been seen before in the insurance industry. We can now offer that to UK customers as well."
