Reinsurer backs Insurtech’s expansion plans

Insurtech Getsafe has closed a $30 million Series B funding led by Swiss Re’s digital platform iptiQ.

The funding is set to be used to build to Getsafe’s insurance brand amongst millennials in Germany and to expand into additional European markets

Getsafe now has received a total of $53 million from investors, making it one of the best-financed European insurtechs. The firm said it now plans to extend its funding with a second tranche to be closed ahead of the receipt of the company’s own insurance licence, scheduled for the first half of 2021.

“We are thrilled to have iptiQ as our new lead investor and partner,” said Christian Wiens, founder and CEO of Getsafe. “Together with them and our existing investors, we want to build on our position as the leading insurer for a new generation of customers. The latest funding will allow us to significantly accelerate our growth, to consolidate our position as market leader among millennials in Germany and to expand into other European markets.”

Lat month Getsafe and iptiQ launched the first digital car insurance optimised for smartphones in Germany.

“Getsafe has established itself as a very promising insurtech brand, and we are pleased to lead this funding round,” says Andreas Schertzinger, CEO at iptiQ EMEA P&C. “As their partner, we will support future growth by combining iptiQ’s digital platform and insurance expertise with their mobile-first distribution model. Together, we will develop digital insurance products that are appealing, relevant and affordable for their growing customer base.”

Earlier this year Getsafe applied for a property and casualty insurance licence from the Federal Financial Supervisory Authority (BaFin). “We want to inspire and positively surprise people with a digital customer experience. What we have seen so far in terms of innovation in the insurance market is just the tip of the iceberg”, said Mr Wiens.

In the last twelve months, Getsafe has entered the British market, and increased its number of customers to more than 150,000.

Mr Wiens added: “In the middle of one of the biggest economic crises in history, we have undergone rapid development and established ourselves as an insurance company for consumers with a preference for digital channels. However, we are still at the beginning of our journey and have plenty to do to make insurance more digital throughout Europe.”