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Getsafe: Can the German insurtech repeat its success in the UK market?

Image credits: Getsafe

Getsafe wants to make deep in-roads into the insurance market by targeting millennials in its long-term growth strategy. A year after entering the UK insurance market, the German insuretech startup feels ready to repeat the success it has already seen in home country.

Started by Christian Wiens and Marius Simon in 2015, Getsafe had been only active in the German market before entering the UK, which it saw as a key target because of the wide adoption of fintech, most notably challenger banks. The brand has over 170 thousand customers in Europe. The company offers an app-based approach, digitising policies and claims using AI to reduce administrative costs.

The inspiration

Wiens was inspired to start Getsafe after his first, unsuccessful, experience with insurance cover: “I damaged something in my rented apartment and thought I was still covered by my parents. My parents showed me the shelf with their insurance; they’d accumulated hundreds of pages of complex insurance details over the years.”  ...