German insuretech startup GetSafe is adding a fourth market with today’s product launch. Apart from Germany, Austria and the UK, GetSafe is now going to offer insurance products in France as well. The company will be the first to introduce home insurance products.
GetSafe is trying to disrupt the insurance market with a focus on digital-first insurance products. It sells its products directly to customers through its website and app, unlike its German rival Wefox.
In its home market, GetSafe originally started with a home contents insurance product. But it has significantly diversified its lineup of products by including some financial products like private health insurance, drone liability insurance, pet health insurance and even private pension plans.
In October 2021, GateSafe had 250,000 customers when the company announced a $63 million Series B expansion. It now 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 is going to introduce all-in-one home insurance product in the French market. This type of insurance product is particularly popular in France because home insurance is a legal requirement whether you own your home or rent your home. It usually protects the home or apartment against fire or water damage as well as the contents of your home. This also includes home liability insurance.
It will be interesting to see if GateSafe manages to capture some market share as it is a crowded market. All legacy insurance companies offer home insurance products and still represent the majority of contracts. When it comes to newcomers, French startup Luko also started with home insurance and now has 400,000 customers. Last year, Luko acquired German competitor Koya. In other words, both GetSafe and Luko now operate in Germany and France.
Lemonade, a publicly traded American insurtech, also launched its renters insurance in France. While Lemonade did fairly well in the stock market after its initial public offering, its shares fell dramatically in late 2021 and 2022. The company’s market capitalization is now above the $1 billion mark.
Lemonade’s performance could have a chilling effect on the insurtech startup market. But that doesn’t stop GateSafe as the company is already planning to launch more products in the French market thanks to its digital-first approach and direct-to-consumer distribution strategy. You can expect a private health insurance product, some travel insurance offerings or pet health insurance plans by the end of 2023