Getsafe, a digital insurance seller based in Heidelberg, Germany, has sent its product live in France bringing its total European operating markets to four.
The company, which mainly offers home, property and contents insurance, has already rolled out its digital platform to European customers in Germany, the UK and Austria. Tech.eu tracked Getsafe's extended $93 million series B raise in October 2021.
Getsafe uses automation to reduce paper trails, passing on the cost savings in cheaper insurance policies. It's part of a neo-insurance category that's matured rapidly, laying the gauntlet to established insurers.
Currently Getsafe has 400,000 policy holders, a quarter of whom are UK-based. Its management believes the French business will benefit from knowledge it has gathered elsewhere in Europe, in particular serving young people predicted to buy cover worth €380 billion in the next 10 years.
Each new geography brings specific challenges and its own set of competitors. Existing French digital insurance providers include Luko, a neo-insurance company focused on property cover, and Lovys, which addresses auto insurance. In some form or another, neo-insurance providers are generally powered by AI to limit operating costs. In Luko's case, the platform also relies on physical sensors to extract data to underwrite home insurance policies.
Getsafe currently has over 250 employees spread across branch locations in London, Berlin and its Heidelberg headquarters.
The expansion into France follows a challenging period for insurance and fintech-led innovations, with some of the valuations beginning to drop a little lower. Getsafe co-founder Christian Wiens, CEO, argues this speculation is unjustified and notes that his business is still witnessing solid growth metrics, following a 500% revenue explosion last year.
Wiens said: "Fintechs and insurtechs have been viewed critically in recent months after company valuations plummeted in some cases.
"But blanket criticism is misplaced. We are currently experiencing an exciting phase in which a focused strategy and strong product-driven customer relationships are more important than growth at any price.
"This is a fundamentally good and healthy development. At Getsafe, we focused on sustainable growth early on, generating over 50% of our revenue organically from our customer base.