The ongoing process towards digitisation has put the insurance industry on the edge of a paradigm shift. As a result, Insurtech companies are disrupting the industry by developing digital insurance platforms collaborating with insurance companies and suppliers.
One such company is Heidelberg-based startup Getsafe, a digital insurance company that helps people cover themselves from their smartphone.
Recently, the company raised $30 million (approx £22.4 million) Series B funding led by Swiss Re’s digital platform iptiQ. Back in November, Getsafe and iptiQ jointly launched a smartphone-based car insurance product in Germany. With just a few clicks, users can purchase insurance with the Getsafe app, file a claim, and manage their policy in real-time.
Andreas Schertzinger, CEO at iptiQ EMEA P&C, says, “As their partner, we will support future growth by combining iptiQ’s digital platform and insurance expertise with their mobile-first distribution model.”
Existing investors, including Earlybird, CommerzVentures, btov Partners, and Capnamic Ventures, also participated. To date, the company has raised $53 million (approx £40 million) from investors.
“We are thrilled to have iptiQ as our new lead investor and partner. The latest funding will allow us to significantly accelerate our growth, to consolidate our position as market leader among millennials in Germany, and to expand into other European markets,” explains Christian Wiens, founder, and CEO of Getsafe.
How will the funding be used?
The company is planning to use the funding to consolidate its position in Germany and to expand into additional European markets. Getsafe is also planning to extend its funding with a second tranche to be closed ahead of the receipt of the company’s insurance licence, scheduled for the first half of 2021.
Available 24/7 and 365 days a year
Founded by Christian Wiens, and Marius Blaesing, Getsafe offers renters, legal, and car insurance and plans to further expand its product offering into health and life.
The Getsafe app is available to customers 24/7 and 365 days a year, allowing them to file claims or change their coverage in real-time. The company has applied for a property and casualty insurance licence from the Federal Financial Supervisory Authority (BaFin) earlier this year.
In the last twelve months, Getsafe has entered the British market, increased its number of customers to more than 150,000, and now employs over 120 people.
Christian Wiens explains: “In the middle of one of the biggest economic crises in history, we have undergone rapid development and established ourselves as an insurance company for consumers with a preference for digital channels. However, we are still at the beginning of our journey and have plenty to do to make insurance more digital throughout Europe.