German insurtech startup Getsafe is including a fourth current market with today’s merchandise launch. In addition to Germany, Austria and the U.K., Getsafe is now likely to provide insurance products in France. The business will very first offer you a house insurance policies merchandise.
Getsafe is trying to disrupt the insurance coverage current market with a concentration on digital-to start with coverage solutions. It sells its products immediately to end customers via its web-site and application as opposed to its German rival Wefox.
In its dwelling sector, Getsafe originally started with a property contents insurance policies product. But it has tremendously diversified its lineup of solutions with the addition of non-public health and fitness insurance policies, drone liability insurance policies, pet health insurance and even some fiscal solutions like private pension options.
In Oct 2021, when the business introduced a Sequence B extension of $63 million, Getsafe experienced 250,000 prospects. It now has 400,000 clientele as it is about to settle for new consumers in France. Getsafe has its individual insurance plan license from Germany’s economic regulator, BaFin.
On the French marketplace, the organization is likely to provide an all-in-one home insurance coverage product or service. This type of insurance goods is notably well-known in France as house insurance policy is a authorized prerequisite no matter whether you individual or you are renting your home. It usually guards the dwelling or condominium from fires or water damages as perfectly as the contents of your property. It also incorporates residence legal responsibility insurance policies.
It’s heading to be attention-grabbing to see if Getsafe manages to seize some industry share as this is a crowded current market. All legacy insurance firms offer home insurance coverage items and even now symbolize the bulk of contracts. When it comes to newcomers, French startup Luko also commenced with residence insurance policy and now has 400,000 prospects. Previous 12 months, Luko acquired Coya, a German competitor. In other phrases, Getsafe and Luko now the two function in Germany and France.
Lemonade, the publicly traded American insurtech, also introduced its renters insurance policies in France. When Lemonade performed very very well on the inventory industry right after its initial community featuring, its shares dropped very considerably in late 2021 and 2022. The company’s industry capitalization is now just earlier mentioned the $1 billion mark.
Lemonade’s functionality could have a chilling effect on the insurtech startup market place. But that doesn’t appear to end Getsafe as the firm currently programs to launch far more merchandise on the French market place many thanks to its electronic-first tactic and direct-to-shopper distribution method. You can anticipate a non-public health insurance plan product or service, some travel insurance choices or pet health and fitness insurance plan designs by the end of 2023.