German InsurTech Getsafe has received its insurance license, now turning its eye to an accelerated expansion across the continent.
The company secured the license from German financial regulator BaFin, and was described as a ‘significant milestone’ by Getsafe CEO Christian Wiens, considering the tightening of regulations following the Wirecard scandal last year.
Getsafe is a digital insurance company that offers liability, contents and car insurance in Germany and contents insurance in Germany and the UK. The firm currently serves over 250,000 customers – making it the largest neo-insurer in Europe.
Following the securing of its insurance licence, the company stated it is now looking to accelerate its European expansion and build products and innovations faster than before, and is looking towards the French market as on the first areas considered for expansion in 2022. Getsafe recently secured $63m in funding to extend its Series B total raise to $93m, taking the total raised to date by the company to $115m.
Wiens said, “We don’t only want to do insurance differently, but we want to make it unconditionally better. Customers already benefit from a transparent and digital process. Going forward, Getsafe plans to develop new approaches in product development and claims handling. We will reduce the time it takes to regulate claims and offer even more services via the app. At the end of the day, Getsafe customers are also benefiting from better prices.”
According to Wiens, following the recent fundraise and the new licence, an IPO also may be on the horizon, “We have a quarter of a million young customers who will grow with us for an IPO. We’re growing our customer base faster than our competitors and can soon offer more complex products. The insurance license gives us the necessary freedom to take unconventional paths and to realise innovations quicker than before. In the long term, we want to offer our customers holistic insurance coverage from a single source. Now we’re really getting started.”
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