Getsafe: Replacing insurance paperwork with automation

We take a look at Getsafe, which is building a digital insurance platform, with which it aims to make sure that everyone is properly protected at anytime

Founded in 2015, Getsafe is a digital insurance company that is aiming to create a better insurance experience for everyone.  

The insurtech began as a digital broker, then it began to develop its own digital insurance products as a managing general agent. Since launching in Germany in 2018, Getsafe has become one of the best-rated insurtechs in Europe, serving over 300,000 customers, according to the company. 

In 2021, Getsafe received its insurance licence from Germany’s financial regulator, BaFin. Raising US$116mn to date, the company is headquartered in Heidelberg, Germany, with offices in London and Berlin, the company employs more than 150 people.

Christian Wiens, CEO and co-founder at Getsafe, said: “The pandemic has accelerated the adoption of digital insurance solutions. Especially digital-savvy target groups are used to doing everything via smartphone – this includes banking and trading, and it also includes insurance. Thanks to our platform, we replace complexity and manual paperwork with smart bots and automation, creating a better and faster insurance experience for everyone. We want to build one of Europe’s leading digital insurers, and we are just getting started.”

Expanding insurance offerings in the UK 

After having started its UK operations in 2020, Getsafe has recently launched its buildings insurance offering in the UK, just after it hit the 50,000 UK customer mark.

Getsafe has set out to become the one-stop solution for all people who want to manage insurance via smartphone. According to the company, already more than one quarter of Getsafe’s total growth is generated through the British market. 

“At Getsafe we believe that the world deserves better insurance. So we put together insurance that is transparent, accessible and fair. Helping thousands of customers to manage their insurance without any paperwork or hassle, in just a few seconds, all from their phones with just a tap. With this mobile-first approach, we are developing a product that perfectly meets the demand of a young, tech-savvy generation,” said Wiens. 

Meeting consumer demand and moving towards digital insurance 

Consumers increasingly favour digital platforms as a faster, more expansive way to access insurance options. In the 2021 Gartner CIO Survey, 87% of insurance respondents noted an increase in the use of digital channels to reach customers, and 75% reported an increase in use of self-service among their customers.”

Digitalisation is also leading to customers wanting a more personalised experience. Carriers are responding by enabling customers to choose the specific coverages they want or eliminate the ones they don’t need. Insurtech companies are taking the customer-centric experience to another level with innovations like usage-based insurance, or UBI. With UBI, insurers can provide dynamic, individualised pricing based on customer behaviours.



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