Getsafe Expands: Income Protection, Hybrid Advisory, and Austrian Market Entry

As you explore the dynamic world of insurtech, Getsafe stands out as a pioneer in digital insurance transformation. Originally launched as an online broker in 2017, the Heidelberg-based company has evolved into a fully licensed insurer, leveraging technology to simplify and modernize coverage. With recent expansions into Austria, the introduction of income protection products, and a hybrid advisory approach, Getsafe is redefining how insurance is delivered. In this article, we delve into their journey, strategic moves, and what these developments mean for you as a consumer or industry professional. From funding milestones to regulatory approvals, discover how Getsafe is shaping the future of insurance.

From Digital Broker to Licensed Insurer: Getsafe's Evolution

Getsafe's transformation began in 2018 when it shifted focus from brokerage to building its own insurance platform. By 2021, the company secured a full insurance license under German law, allowing it to underwrite policies directly. This milestone was fueled by significant funding rounds:

• Series A (2019): €15 million to accelerate platform development.
• Series B (2020): €25 million to support expansion and product innovation.
• Extended Funding (2021): An additional €55 million, bringing total investments to over €80 million.

With this capital, Getsafe launched core products like liability, household, and dog liability insurance in Germany. The company also operates as an assicuradeur, offering legal protection and car insurance in Germany, as well as household and building insurance in the UK. This dual approach—combining direct underwriting with partnerships—enables Getsafe to scale rapidly while maintaining flexibility.

Expansion into Austria: A Strategic Move

Getsafe's European expansion continues with its entry into the Austrian market. Leveraging its scalable platform, the company deployed offerings in just eight weeks, showcasing the efficiency of digital infrastructure. Key products in Austria include:

• Liability insurance
• Household insurance
• Dog owner liability insurance

CEO Christian Wiens emphasizes that this agility stems from Getsafe's technology-driven model. Future targets include France and Italy, where the company plans to launch simple property insurance products. For you, this expansion means greater access to user-friendly, digital-first insurance options across Europe.

Launch of Income Protection and Complex Products

While Getsafe initially focused on simple property and casualty insurance, it is now venturing into more complex areas. In January 2022, the company introduced income protection products, addressing a growing demand for personal insurance. Plans for 2022 include:

• Health Insurance: Leveraging digital tools to streamline coverage.
• Pension Solutions: Integrating retirement planning into its platform.

To support these offerings, Getsafe has applied for additional licenses from German financial authorities. The surge in demand for personal insurance highlights a shift toward holistic protection, blending traditional coverage with modern convenience.

The Hybrid Advisory Model: Blending Tech and Human Touch

Despite Getsafe's digital roots, the company recognizes that insurance often requires explanation and trust. To bridge this gap, it has adopted a hybrid advisory model, combining:

• Digital Tools: AI-driven platforms for self-service and automation.
• Human Advisors: A growing team of customer consultants to provide personalized support.

This approach caters to digital-native customers who prefer smartphone-based interactions while ensuring complex products (e.g., income protection or health insurance) are clearly understood. By scaling its advisory team, Getsafe aims to enhance customer experience without sacrificing efficiency.

What This Means for the Insurance Industry

Getsafe's journey reflects broader trends in insurance:

• Digital Transformation: Insurtechs are driving innovation, forcing traditional insurers to modernize.
• Customer-Centricity: Hybrid models prioritize user experience, blending automation with human interaction.
• Global Scalability: Cloud-based platforms enable rapid market entry and product deployment.

For insurers and brokers, these developments underscore the need to invest in technology and adapt to changing consumer preferences. For customers, they offer more choices, transparency, and convenience.

Conclusion: Getsafe's Vision for the Future

Getsafe is more than just an insurtech—it's a blueprint for the future of insurance. By securing licenses, expanding geographically, and introducing complex products, the company demonstrates how technology can transform a traditional industry. Its hybrid advisory model ensures that digital innovation doesn't come at the cost of human connection. As Getsafe continues to grow, it will likely influence how insurance is designed, sold, and serviced worldwide. Whether you're a consumer seeking flexible coverage or an industry player looking for insights, Getsafe's journey offers valuable lessons in adaptation and innovation.

Insurers and brokers face challenges in claims management, including backlogs, rising claim frequencies, talent shortages, and growing customer expectations. Manual processes are costly and slow. Embracing digital tools and hybrid models, as demonstrated by Getsafe, can address these issues, streamlining operations and improving efficiency.