Getsafe raises €15m for AI-driven insurance
Getsafe, the mobile, AI-focused insurtech, has raised €15 million in a Series A funding round led by Earlybird, with participation by CommerzVentures and other existing investors.
The investment is meant to help Getsafe prepare its European expansion. The UK is in the company’s sight for the end of this year, with other markets scheduled to follow in 2020.
The team will be growing from 50 employees to more than 100, with a focus on customer care, software development and data science, following additional funding over the next twelve months.
“We want to become the go-to insurance brand for a whole generation of young customers in Europe,” says co-founder and CEO, Christian Wiens. “To achieve this, we rely on technological solutions that simplify the lives of our customers and have built one of the most powerful insurance platforms in the world. Now it’s time to expand our activities at home and abroad.”
Getsafe offers a range of digital insurance products that users can buy on their phone. The company is mainly targeting millennial customers by offering liability, renters and legal insurance. Their customers are on average 29 years old, and 75% of them take out insurance for the first time in their lives.
Getsafe runs a proprietary AI-powered backend developed in-house. Wiens explains that while US start-ups often tend to first scale and fix infrastructure later, “we Germans like to do it the other way around.”
Christian Nagel, partner at Earlybird, believes that the company invests in innovative and scalable technology companies that have the potential to revolutionise entire industries. “The disruption of the insurance industry is in full swing and offers large growth potential,” adds Nagel.
Since the launch of its insurance offering at the end of 2017, the company has grown significantly and sold 50,000 policies last year.