German insurtech service launches in the UK
The fastest-growing insurance provider for millennials in Germany, Getsafe, has begun its European expansion by launching in the UK.
CEO and founder Christian Wiens is looking forward to the competitive market environment in the UK and said: "Over the last two years, we have shown that our product meets a core need for the young, tech-savvy generation.
"With our insurance delivered through your smartphone, we are developing a product that fits perfectly with the living and communication habits of this generation.”
Whilst the CEO believes that the political situation has generally caused some uncertainty regarding regulatory implications on the financial sector, he maintains a clear vision that the UK is a key priority for its European expansion. For the launch of its flagship product in the UK, Getsafe has partnered with Hiscox.
Wiens added: “Getsafe acts as a platform with multiple carriers, including Munich Re and AXA, providing the capacity in the background. With Hiscox, we have a renowned carrier for our UK contents product at our side and are pleased to be working with them.
"The UK is by far the largest market in Europe in terms of eCommerce; mobile payments are standard here and neo-banks such as Monzo, Revolut, Starling or N26 are already firmly established. Those aged between 20 and 35 are particularly open to the idea of using smartphones to handle financial services in the UK.
"However, there is no comparable insurance solution for this target group as yet. Our smartphone app, Getsafe will close this gap in the market."
Getsafe has used technology and machine learning to create an alternative insurance experience that enables customers to take out insurance, view and change any of their personal or insurance details, easily.
The company has also developed a claims chatbot, Carla, who is available 24 hours a day to answer questions and report claims.