Oliver Wyman Partner, Dietmar Kottmann recently spoke to Christian Wiens, Co-Founder and CEO of Getsafe, on the company’s recent growth and success.
Getsafe has been making waves in the insurtech industry. The company has been successful at attracting millennials—a clientele that is often hard to reach within insurance. Many of their customers are in their 20s and 75% of them are taking out insurance for the first time.
Since its launch in 2015, Getsafe has gained more than 80,000 customers and sold more than 90,000 policies and says it has become a premier insurance brand for millennials in Germany—achieving a market share of almost 10 percent in the target group of 25 to 35-year-olds. And in June, the German insurtech raised $17 million dollars in a Series A funding round led by Earlybird, CommerzVentures and other existing investors—which will help Getsafe manage its European expansion in 2020.
The company offers customers household insurance, liability insurance, and travel health insurance. With a few clicks of the Getsafe App, customers can easily file a claim, extend their coverage, or update their details. For example, the household insurance covers belongings in the event of a fire, storm, flood or burglary. And the liability insurance can cover many unique activities from football, surfing and cycling to babysitting, borrowing property, flying a drone, or taking care of another person’s pet.
Image source: Getsafe
KEYS TO THE INSURTECH'S GROWTH AND SUCCESS
Partnerships have played a pivotal role in the company’s success, such as their collaboration with Munich Re, one of the largest reinsurers in the world. As a new digital player, Getsafe knew they needed a strong partner with capital, global presence and experience to cover exceptionally large claims. The partnership has allowed Getsafe to offer multiple lines of insurance coverage—from health, travel to P&C.
Getsafe has also established proprietary, in-house AI technology, and a strong customer service culture. The company says its chatbot Carla is available to answer questions 24 hours a day and conveniently supports customers with extending or canceling their insurance coverage in real time via a smartphone.
In terms of products, Christian says Getsafe wants to be a one stop insurance solution for the young customer. “The mix of young customers, being mobile first and having the ability to cover multiple risks has been the secret sauce to our success,” says Christian.
Image source: Getsafe
Co-Founders Marius Blaesing and Christian Wiens started Getsafe in 2015 with the ambition to revolutionize the insurance market. Since its founding, the insurtech has become a premier insurance brand for millennials in Germany—achieving a market share of almost 10 percent in the target group of 25 to 35-year-olds.
WHAT'S NEXT FOR 2020?
Christian says Getsafe plans to grow with their customers product wise. “As millennials move in together, further their career, buy a new house, have children, we plan to adopt our product portfolio.”
“As a founder, one of the most exciting things about starting an insurance company is the customer life time. You can create a company that customers can use for 50 years,” he says. “This has been really working out well with the proposition we have started building. Today we are focusing on P&C insurance, with supplementary health insurance. Next year we plan to launch our first life insurance products, which becomes a long-term relationship with customers.”
In 2020, the company will expand to new markets in home insurance—the UK and Austria—areas where millennials are very open to mobile and fintech services. And after that, Christian says, Getsafe is looking towards Spain, France and Italy.