Bitesize InsurTech: GetSafe
June 25, 2016 Chris Sandilands
GetSafe is a mobile robobroker which was founded in Heidelberg, Germany in 2013 and now has 20,000 customers. Its highly successful customer acquisition strategy is based on an interesting concept that holds in much of Europe but not in the UK.
German law includes a kind of insurance “power of attorney”, which people can grant to distribution entities. On signing up to GetSafe, customers authorise the app in this way so it can then request their policy documentation from insurers on their behalf. It becomes a “personal insurance manager”, assuming responsibility for handling your policies, including renewals and claims notification.
It’s easy to see how this could be appealing for customers, especially young people, who are less cautious about entrusting their data and decision-making to apps. It allows consumers to see all their insurance policies in one place. Based on a detailed understanding of their risks and needs, GetSafe recommends products to fill coverage gaps and make savings.
There are other startups in Central Europe with similar ideas, including Knip and Clark. However, what sets GetSafe apart is its ability to onboard at much lower costs, reflecting a strong customer proposition. The startup is currently raising a B series to boost its marketing and to ramp up international growth, aimed at France, Italy and Spain.
Unfortunately for UK customers, GetSafe would only work here if users uploaded their own insurance contracts for the app to analyse – it can’t find them for you. Where the law is different, mobile robobrokers like GetSafe offer advocacy, ease and savings, answering many pain points in the often frustrating personal lines insurance market. Whichever startups prevail, consumers win!