RGA backs German insurtech startup Getsurance

Reinsurance Group of America (RGA) has backed Berlin-based insurtech start-up Getsurance to launch 'the first European digital life insurance solution'.

Getsurance has developed a long-term disability product that protects customers from the loss of their income due to illness or accident. According to the company, the product features an algorithmic underwriting process - based on just a few easy health questions, customers are instantly granted coverage.

"Millennials want to buy coverage in the same easy way they buy from Amazon or Ebay,” said Getsurance co-Founder and CEO Johannes Becher. “We are taking life insurance to the 21st century."

"There's only a handful of life insurance startups worldwide," added co-founder and COO Viktor Becher. "Prospective founders are intimidated by tight regulation and technical complexity. We overcame these obstacles by teaming up with strong industry partners such as RGA."

Getsurance is the first start-up to launch a digital life insurance product in Europe. In April, the company closed a €2 million seed funding round, led by Berlin-based VC IBB Beteiligungsgesellschaft. The Swiss bank PostFinance and the Munich-based VC Picus Capital also participated in the round.

The company stated that it is developing more life insurance products like long-term care and term life insurance for the European single market. The European insurance market alone has a size of €730 billion, measured in yearly life insurance premiums, it said.

Becher remarked: "Spotify has become famous for disrupting the music market, which has a global size of €15 billion. And here's the €2.2 trillion life insurance market still waiting to be disrupted!"

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