Neoinsurer Getsafe launches Austria

Digital insurer Getsafe is launching three new products in Austria. As of today, customers can take out liability, household, and dog owner liability insurance. Getsafe used its insurance license for the expansion for the first time.

“Thanks to our platform, we can enter a new market within a few months – it only took us eight weeks to launch in Austria,” Christian Wiens, CEO and founder, continues, “I am proud of the entire team. For Getsafe, this proves the power of our technology, and it is a blueprint for further market entries.”

Austrian customers have access to a digital insurance platform that allows them to make changes in real-time. You can also file claims, track your claims status and monitor the status via a smartphone application. Getsafe is a mobile-first insurance company that not only makes insurance digital, paperless but also encourages people to use their smartphones to track the status of their claims. Getsafe designed the products according to the needs of Austrians. The product also included direct feedback from the app and personal conversations.

Christian Wiens: “Today, Getsafe is already the best-rated insurance app in Germany for digitally savvy people. Now we want to repeat this success in other European countries.” In the future, Getsafe wants to be the app to go-to for all things regarding personal insurance.

High customer demand. The pandemic, volatile financial markets and inflation, and the dramatic geopolitical situation have increased people’s need for protection and provision, especially through digital channels. For Gen Z and the millennial generation, there is an additional peculiarity: young people have realized that financial protection should be taken and not just depend on the state. At the same time, the financial crisis and scandals such as the Wirecard affair have damaged these people’s trust in banks and traditional insurers. The company will continue to develop products for the German market and the target markets in France and Italy. Getsafe applied for licenses at the German Federal Financial Supervisory Authority, (BaFin), in March this year. Getsafe will also be operating as an insurer in these countries, beginning with basic property and casualty insurance products like home insurance.

Getsafe has been working closely with partners since the beginning of this year to offer products in the areas of employment protection and insurance for health. Christian Wiens explains, “Neobanks and neobrokers offer contemporary apps for mobile banking transactions and stock trading. Although they are part the solution, they are not sufficient to fully protect young people from old-age poverty and other risk factors. We are seeing that insurers still play a significant role here. This makes us confident that we can build a strong life and health insurer in Europe.”

Getsafe recently added buildings insurance to its customers in the United Kingdom (UK), completing its homeowner offering. The UK market already accounts for 25 percent of Getsafe’s growth. More than 50,000 UK customers now make up the majority of Getsafe’s customers. Getsafe, one of Europe’s largest insurtechs, has more than 100 million euros in venture capital, and over 300,000.

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