Swiss Re-backed Getsafe enters new European market in just ‘eight weeks’

Swiss Re-backed digital insurer  Getsafe has expanded its European footprint by entering a new market following growth in Germany and the UK. Next, the company is targeting markets of France and Italy, and plans to operate as an insurer in these markets, starting with property and casualty insurance products such as home insurance.

Getsafe  received its insurance license from Germany’s financial regulator BaFin in late 2021, allowing it to accelerate its expansion to the rest of Europe. Using its license for the first time, the company has just launched in Austria with three new products – liability, household, and dog owner liability insurance.

Customers in Austria will benefit from an end-to-end digital insurance experience, allowing them to change their coverage in real-time, as well as file claims and track the status of their claims via a smartphone app.

Getsafe said the new products have been developed based on the needs of Austrians, identified through personal conversations, surveys, direct feedback on the app.

The company is currently working on further products for the German market as well as the target markets of France and Italy, for which Getsafe applied for licenses from the German Federal Financial Supervisory Authority (BaFin) in March of this year.

Following its successful market entry in Germany in 2017 as an managing general agent (MGA),  Getsafe launched in the UK at the start of 2020, which currently accounts for 25% of the company’s growth.

“Thanks to our platform, we can enter a new market within a few months – it only took us eight weeks to launch in Austria,” said CEO and founder Christian Wiens (pictured). “I am proud of the entire team. For  Getsafe, this proves the power of our technology, and it is a blueprint for further market entries.”

Wiens added: “Today,  Getsafe is already the best-rated insurance app in Germany for digitally savvy people. Now we want to repeat this success in other European countries.”

Getsafe wants to be “go to” app for all things regarding personal insurance.

The company said that “demand from customers is high” as the pandemic, volatile financial markets and inflation, and the dramatic geopolitical situation have increased people's need for protection and provision, especially through digital channels.

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