German insurtech startup Getsafe is including a fourth market with in the present day’s product launch. Along with Germany, Austria and the U.Ok., Getsafe is now going to supply insurance coverage merchandise in France. The corporate will first provide a house insurance coverage product.
Getsafe is making an attempt to disrupt the insurance coverage market with a deal with digital-first insurance coverage merchandise. It sells its merchandise immediately to finish clients by way of its web site and app unlike its German rival Wefox.
In its house market, Getsafe initially began with a house contents insurance coverage product. Nevertheless it has tremendously diversified its lineup of merchandise with the addition of personal medical health insurance, drone legal responsibility insurance coverage, pet medical health insurance and even some monetary merchandise like non-public pension plans.
In October 2021, when the corporate announced a Collection B extension of $63 million, Getsafe had 250,000 clients. It now has 400,000 shoppers as it’s about to just accept new clients in France. Getsafe has its personal insurance coverage license from Germany’s monetary regulator, BaFin.
On the French market, the corporate goes to supply an all-in-one house insurance coverage product. This type of insurance coverage merchandise is especially in style in France as house insurance coverage is a authorized requirement whether or not you personal otherwise you’re renting your private home. It normally protects the home or house in opposition to fires or water damages in addition to the contents of your private home. It additionally contains house legal responsibility insurance coverage.
It’s going to be fascinating to see if Getsafe manages to seize some market share as it is a crowded market. All legacy insurance coverage corporations provide house insurance coverage merchandise and nonetheless characterize nearly all of contracts. On the subject of newcomers, French startup Luko additionally began with house insurance coverage and now has 400,000 clients. Final 12 months, Luko acquired Coya, a German competitor. In different phrases, Getsafe and Luko now each function in Germany and France.
Lemonade, the publicly traded American insurtech, additionally launched its renters insurance coverage in France. Whereas Lemonade carried out fairly nicely on the inventory market after its preliminary public providing, its shares dropped fairly dramatically in late 2021 and 2022. The corporate’s market capitalization is now simply above the $1 billion mark.
Lemonade’s efficiency might have a chilling impact on the insurtech startup market. However that doesn’t appear to cease Getsafe as the corporate already plans to launch extra merchandise on the French market because of its digital-first strategy and direct-to-consumer distribution technique. You possibly can anticipate a non-public medical health insurance product, some journey insurance coverage choices or pet medical health insurance plans by the top of 2023.
Picture Credit: Getsafe
