Digital insurer Getsafe has received its insurance license from Germany’s financial regulator, BaFin. The license will allow Getsafe to accelerate its expansion to the rest of Europe.
“The license is a significant milestone – especially when considering that the German regulator has set out stricter rules for new registrations following the Wirecard scandal,” according to Christian Wiens, CEO and founder of Heidelberg, Germany-headquartered Getsafe.
The company launched in 2017 as an MGA has high ambitions of becoming Europe’s leading digital insurer, and has already started its expansion by launching in the UK. It is serving 250,000 customers. New European markets like France are under consideration for expansion next year.
With a license of its own, Getsafe can now both accelerate its European expansion and build products and innovations quicker than before. The company has closed a reinsurance agreement with Swiss Re, that co-leads its $93 million Series B round.
“We can now passport our license within the European Union and take full advantage of our technological platform,” said Wiens.
Getsafe currently offers home and car insurance and has plans to expand into more verticals – like life and health – in the coming years. Via the Getsafe app, customers can buy, manage, and adapt their policies as well as file a claim on the go – all in just a few seconds.
Customers already benefit from a transparent and digital process. Going forward, Getsafe plans to develop new approaches in product development and claims handling.
“We will reduce the time it takes to regulate claims and offer even more services via the app. At the end of the day, Getsafe customers are also benefiting from better prices,” said Wiens.
Earlier this month, the company announced the extension of its series B funding round, which takes Getsafe to $115 million raised to date. With the new capital and a quarter of a million customers, the company ranks among the largest insurtechs in Europe. It is backed by several notable Venture Capital Funds like Earlybird and CommerzVentures as well as Swiss Re.
Following the fundraise and the license, Getsafe is eyeing a public debut in the future. “We have a quarter of a million young customers who will grow with us for an IPO,” Wiens said. “The insurance license gives us the necessary freedom to take unconventional paths and to realise innovations quicker than before. In the long term, we want to offer our customers holistic insurance coverage from a single source. Now we’re really getting started.”
Source: Getsafe
Top photograph: Getsafe’s smartphone app.
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