The insurance industry has a bleak reputation 鈥� and its popularity with听millennials听is especially low.听
Technology听could provide the听solution in winning over听a generation which听craves听control over its affairs.听
In the same way that challenger banks such as听Revolut听and Monzo are听claiming听younger听customers听by giving听them听tools听to听monitor how they spend in real-time,听so听Getsafe听hopes to听capitalise听in the insurance sector.听
Founded听in 2015 out of a need to make insurance easier for the next generation of insurance buyers, it now serves听150,000 customers in Germany and UK.听
鈥�In the next听10听years, the generation known as millennials will purchase about one billion insurance policies in Europe alone,鈥� CEO Christian Wiens tells听老九品茶Cloud.听鈥�We see a lot of potential here.听听
鈥�Young customers听in particular are听sceptical about insurance. These digital natives have no interest in complicated paperwork or long conversations with brokers and agents.听听
鈥�Technology enables us to offer them a new, simple, and transparent insurance experience on their smartphones听鈥� one that is easy and fun.鈥�听
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After breaking his landlord鈥檚 vase, Wiens realised how complicated insurance was and began听Getsafe听with a like-minded entrepreneur he met on Facebook.听
It digitises core aspects of insurance, such as documentation and claim filing, and听also offers customers the opportunity to cancel their policy at any time 鈥� removing long-term contracts and reflecting the lifestyles听of customers in the digital age.听
鈥�We are pursuing a self-service strategy:听we enable our customers to听change all details of their insurance by themselves at all times听through the app,鈥� explains Wiens.听鈥�Our chatbot is available 24/7.听听
鈥�Young customers听in particular aren鈥檛听interested in making the detour through an insurance broker; they want to be able to do these things by themselves and welcome our mobile offering.鈥�听听
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Headquartered in Heidelberg with a satellite office in London,听the majority of the firm鈥檚 130 employees work in Germany, while it听recently secured a $30 million funding round, making it one of Europe鈥檚 best funded insurance start-ups.听
Wiens reveals that听Getsafe听is听growing its team in London but that,听due to the pandemic, it is working fully remotely for now.听
鈥�The British market is the biggest insurance market in Europe. Therefore, the market is very exciting to us 鈥� despite Brexit,鈥� he says.听鈥�We wanted to take a听stand by听explicitly entering the British market even though Brexit is happening.听听
鈥�After some initial difficulties due to COVID听and the lockdown, we are now growing even faster in Great Britain than we did upon entering the German market.听Launching in the UK didn鈥檛 even take four months.听听
鈥�In order to provide our customers with the biggest possible security in the long term, we have additionally founded a subsidiary company based in London. This gives us the freedom to operate entirely independently of the political climate.鈥�听