GetSafe, the digital direct to consumer insurance company, received €15 million in funding to expand its business throughout Europe. New investors Earlybird and Commerzventures join support for the digital platform.
The Earlybird and GetSafe press teams announced the Series A funding June 6, 2019. CEO Christian Wiens said that the funding will help them with three big goals: breaking into the UK market, growing their team, and meeting ambitious year end sales goals.
They’ve already cornered an estimated 10% market share among 20-35 year olds. Next, the newcomer plans to dive into the European market by selling 180,000 policies in 2019.
All-In-One App
GetSafe will continue its bid to disrupt the insurance industry through streamlined digital purchasing. Through its all-in-one app, customers can perform all insurance-related actions, from research to submitting a claim. Currently, the company offers insurance coverage for dental, liability, drones, contents, and bike theft, with plans to expand.
Their streamlined product is designed to appeal to Millenials, a generation who tends away from purchasing insurable assets and towards on-demand purchases. This means the Insurtech company caters to a customer base that values accessibility and flexibility. GetSafe offers both through its easy to read insurance policies and quick upgrade options.
Earlybird partner Christian Nagel said, “Getsafe’s app provides the simplest and most flexible access to affordable insurance products, especially for young people – a clientele that has remained hard to reach for the insurance industry.”
Insurance with Good Intention
Patrick Sao, VP of Product, wrote in a blog post about the negatively-skewed attitude that has grown towards the insurance industry. He talks about how GetSafe’s team and product change that perspective.
Ultimately, they seek to restore the original purpose of insurance — peace of mind for if and when the unthinkable occurs.