Getsafe is looking to break into new markets and is doing so with its latest product launch. The company is adding insurance products to its lineup, first launching in France. This will expand Getsafe’s customer base and help the startup to grow even further.
Getsafe is trying to disrupt the insurance market with a focus on digital-first insurance products. These products are meant for customers who want to buy and use their policies online rather than through a traditional agent or company. The company has already drawn some competition from its German rival Wefox, which sells similar digital-first products. However, Getsafe appears to have an advantage in terms of its customer base; it is directly sold to end customers using its own website and mobile app instead of through middlemen such as agents or companies. This allows Getsafe to better serve the needs of consumers by offering them more flexibility and control over their policy purchases.
Getsafe is an interesting company because it offers a variety of products that cater to different needs and interests. For example, its home contents insurance product was originally introduced, but the company has since expanded its offerings to include private health insurance, drone liability insurance, pet health insurance, and even some financial products like private pension plans.
With 400,000 customers, Getsafe is one of the most successful businesses in the Payments sector. It has a large customer base in France, which is likely to increase with its recent announcement of a Series B extension. Having its own insurance license from Germany’s financial regulator, BaFin provides added assurance to its clients and shows that Getsafe takessafety and security seriously.
In France, all-in-one home insurance products are popular as they provide a wide range of protection. With this type of insurance, youinsure your home against fires and water damages as well as the contents of your home. Home liability insurance is also included in most policies, which protects you if someone is injured while on your property.
Getsafe has beenlaunching new products and services to try andcompete with legacy insurance companies. Recently, the company launched a home insurance productcalled “The Home which GetSafe calls a tokenized protection contract.” The product is interesting because it allows customers tooutheasternize their Risk by pooling resources with otherHomeowners in the same geographic area. This feature could be popular with upgradestop-ups or people who are looking for more customizable protection plans. However, theHome product still faces competition from established players includingLuko, which operates in Germany and France.
Lemonade’s rapid slide in the stock market may be due in part to the French government’s reluctance to adopt renters insurance as a compulsory health benefit. A mandatory insurance program would give Lemonade a larger pool of customers and likely result in higher rates for renters, who could then turn to competitor companies if they are not satisfied with their policy.
Lemonade’s performance in the market could have a chilling effect on other insurtech startups. Getsafe, however, is not deterred and plans to continue launching products on the French market thanks to its digital-first approach and direct-to-consumer distribution strategy. Expect a private health insurance product, some travel insurance offerings or pet health insurance plans by the end of 2023.
“The app is available for download now on the Google Play store and Apple App Store, respectively. It offers a risk-free trial
