Dec 9, 2020

Getsafe becomes one of Europe’s most well-funded insurtechs

Getsafe
Insurtech
Swiss Re
iptiQ
William Girling
2 min
Getsafe becomes one of Europe’s most well-funded insurtechs
German insurtech Getsafe has managed to raise US$30m in its latest Series B funding round, bringing its total investment to $53m...

German insurtech Getsafe has managed to raise US$30m in its latest Series B funding round, bringing its total investment to $53m.

Now among the most well-funded insurtechs in Europe, the company’s philosophy of fully digital, smartphone-based insurance that allows users to opt-in, opt-out and customise their policy on the fly is clearly gaining the attention of investors.

iptiQ, a subsidiary of Swiss Re, overtly shares in Getsafe’s ambition to make insurance easier and more engaging. It was for this reason that iptiQ led the Series B, along with prior investors such as Earlybird and Capnamic Ventures.

Development during a crisis

Founded in 2015, Getsafe is still in the process of substantially expanding its brand beyond its native country. However, despite substantial obstacles in 2020, not least of which is the COVID-19 pandemic, the company has still managed to enter the UK market and grow its customer base to 150,000.

“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,” stated Christian Wiens, Founder and CEO of Getsafe.

“However, we are still at the beginning of our journey and have plenty to do to make insurance more digital throughout Europe.”

For its part, iptiQ is prepared to help the company achieve its ambition. Andreas Schertzinger, CEO at iptiQ EMEA P&C, commended Getsafe as “a very promising insurtech brand“ and stated his belief that their combined technology and vision could result in something truly valuable for the insurance market:

“As their partner, we will support future growth by combining iptiQ's digital platform and insurance expertise with their mobile-first distribution model. Together, we will develop digital insurance products that are appealing, relevant and affordable for their growing customer base.”

Insurtech: a buoyant market

It could be said that Getsafe’s continued success this year is something of a microcosm for insurtech itself. In addition to numerous IPOs (Lemonade, Root, Metromile) and large-scale investments, the fertile investment demonstrated around the world is highly encouraging.

Swiss Re itself predicted last month that a global recovery of the insurance market will take place across 2021 and 2022, particularly in China (overriding previous estimates of further downturn).

With M&A in the general insurance sector across EMEA, APAC and North America also showing significant activity in the final months of 2020, we could be witnessing the reconfiguration of a market set on reasserting itself in the new year. 

Image credit: Getsafe

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Jun 18, 2021

Akur8’s US$30mn Series B to fuel US and APAC expansion

Insurtech
akur8
AI
Insurance
2 min
Parisian insurtech Akur8 has raised $30mn in a Series B round, capital which will be used as it expands out of the EU and into the US and APAC markets

Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.

The company strives to embody four key values:

  • Challenging a status quo that doesn’t benefit customers
  • “Disrupt the known, organise the unknown”
  • Provide artificial intelligence (AI) tech with a distinctly human edge
  • Create solutions that will endure the test of time

At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”

 

 

Transforming insurance pricing

In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.

The Series B round, which comes just over a year after Akur8’s $12mn Series A, was co-led by returning investors BlackFin Capital Partners and MTech Capital.

“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”

Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”

Cover image source: Akur8

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