German insurtech startup Getsafe is including a fourth market with as we speak’s product launch. Along with Germany, Austria and the U.Okay., Getsafe is now going to supply insurance coverage merchandise in France. The corporate will first provide a house insurance coverage product.
Getsafe is attempting to disrupt the insurance coverage market with a concentrate on digital-first insurance coverage merchandise. It sells its merchandise straight to finish clients by way of its web site and app not like its German rival Wefox.
In its dwelling market, Getsafe initially began with a house contents insurance coverage product. But it surely 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 introduced a Collection B extension of $63 million, Getsafe had 250,000 clients. It now has 400,000 shoppers as it’s about to simply 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 dwelling insurance coverage product. This sort of insurance coverage merchandise is especially well-liked in France as dwelling insurance coverage is a authorized requirement whether or not you personal otherwise you’re renting your house. It normally protects the home or residence towards fires or water damages in addition to the contents of your house. It additionally consists of dwelling legal responsibility insurance coverage.
It’s going to be attention-grabbing to see if Getsafe manages to seize some market share as this can be a crowded market. All legacy insurance coverage corporations provide dwelling insurance coverage merchandise and nonetheless signify nearly all of contracts. In terms of newcomers, French startup Luko additionally began with dwelling insurance coverage and now has 400,000 clients. Final yr, 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 properly 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 may 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 method and direct-to-consumer distribution technique. You possibly can count on a personal medical health insurance product, some journey insurance coverage choices or pet medical health insurance plans by the top of 2023.