German insurtech startup Getsafe is adding a fourth market with today’s product launch. Getsafe will now offer insurance products in France as well as Germany, Austria and the UK. The company will primarily offer a home insurance product.
Getsafe is trying to disrupt the insurance market by focusing on digital priority insurance products. Unlike its German competitor, Wefox, it sells its products directly to end customers through its website and app.
Getsafe initially started with a home content insurance product in its home market. But it has greatly diversified its product line with the addition of some financial products such as private health insurance, drone liability insurance, pet health insurance and even private pension plans.
In October 2021, Getsafe had 250,000 customers when the company announced a $63 million Series B extension. It currently has 400,000 customers as it is about to accept new customers in France. Getsafe has its own insurance license from Germany’s financial regulator, BaFin.
The company will offer an all-in-one home insurance product on the French market. These types of insurance products are especially popular in France, as home insurance is a legal requirement whether you own or rent a home. It usually protects the house or apartment against fires or water damage as well as the contents of your home. It also includes home liability insurance.
It will be interesting to see if Getsafe can capture some market share as it is a crowded market. All legacy insurance companies offer home insurance products and still represent most contracts. When it comes to newcomers, French startup Luko also started with home insurance and now has 400,000 customers. Last year, Luko acquired Coya, a German competitor. In other words, Getsafe and Luko now operate in both Germany and France.
Publicly traded American insurance tech Lemonade also launched renters insurance in France. Although Lemonade performed quite well on the stock market after its IPO, its shares dropped quite dramatically in late 2021 and 2022. The company’s market capitalization is currently just over $1 billion.
Lemonade’s performance could have a deterrent effect on the insurtech startup market. But that doesn’t seem to stop Getsafe, as the company plans to launch more products in the French market thanks to its digital-first approach and direct-to-consumer strategy. You can expect a private health insurance product, some travel insurance offers, or pet health insurance plans by the end of 2023.