Getsafe's Strategic Pivot: Provinzial to Underwrite Existing Insurance Portfolio
In a significant strategic shift, the German insurtech Getsafe has identified a potential new risk carrier for its portfolio of existing insurance policies: the Provinzial insurance group. This move follows Getsafe's earlier announcement to relinquish its own primary insurer license and transition fully to an Assekuradeur (insurance intermediary/platform) model. Getsafe founder and CEO Christian Wiens confirmed the planned cooperation to procontra.
From Insurer to Platform: Getsafe's Strategic Evolution
Earlier this year, the Heidelberg-based company publicly declared its strategy change: Getsafe would return the BaFin (German Federal Financial Supervisory Authority) license it received in 2021 for property and casualty business by the end of 2025. The future focus is squarely on the platform model. While distribution, customer service, and claims management will continue to run through Getsafe's proprietary technology platform, the underwriting risk will be transferred to partner companies.
According to procontra, a cooperation with Provinzial is now planned to assume this risk-bearing role. However, the decision from the German Federal Cartel Office (Bundeskartellamt) is still pending. The public insurer intends to acquire "all asset components of Getsafe Insurance AG." Wiens emphasizes that this is not a classic portfolio sale. There will be no policy reassignments or product changes for customers—rather, it is a purely internal transfer of underwriting liability.
Background: Profitability and the Platform Vision
Last year, Getsafe reported its first positive underwriting result. In the 2024 financial year, Getsafe Insurance AG generated a profit of around €700,000, following a loss of €1.4 million the previous year. Despite this turnaround, Wiens stated to Handelsblatt that maintaining its own license no longer offered a strategic advantage. The company's ambition is to establish itself as a digital insurance platform for all lines of business—including life and health insurance, where it already partners with companies like Ottonova.
What This Means for Getsafe Customers
The existing portfolio currently managed by Getsafe's in-house insurer comprises approximately 400,000 policies. These are to be gradually transferred to partners like Provinzial. Getsafe assures that customers will see no changes:
- Policy Terms & Coverage: Product names, coverage scope, and benefits remain unchanged.
- Customer Interface: Getsafe remains the point of contact for service, claims, and inquiries.
- Technology & Experience: The user experience through the Getsafe app and platform continues as usual.
This structure allows Getsafe to focus on its core strengths in technology and customer experience while leveraging the financial strength and underwriting expertise of established insurers like Provinzial. Provinzial has not yet publicly commented on the planned steps.
Industry Trend: Insurtechs Shedding the Primary Insurer Role
With this move, Getsafe follows the example of other European insurtechs like Mailo and Wefox, which have also stepped back from the primary insurer role in recent years—sometimes out of necessity, sometimes for strategic reasons. Getsafe stresses that its decision comes from a position of strength, allowing it to optimize its capital structure and accelerate its platform growth without the capital-intensive burden of underwriting risk.
Comparison: The Evolving Insurtech Model
| Model | Description | Example | Advantages |
|---|---|---|---|
| Full-Stack Insurer | Company holds its own insurance license, underwrites risk, and handles all operations. | Lemonade (US), early Getsafe | Full control over product, pricing, and customer experience. |
| Managing General Agent (MGA) / Assekuradeur | Acts as an agent or platform for a fronting carrier. Handles distribution, service, and often claims, while a partner insurer holds the risk. | Getsafe (new model), many US insurtechs | Lower capital requirements, faster scaling, leverages partner insurer's balance sheet and rating. |
| Pure Comparison Platform | Aggregates offers from multiple insurers but does not underwrite or service policies. | Check24, Verivox | Low-risk, high-volume lead generation business. |
Getsafe's shift to the MGA/Assekuradeur model represents a maturation of the insurtech sector, where capital efficiency and strategic partnerships become key to sustainable growth.
The Future of Getsafe and Digital Insurance
This partnership with Provinzial, pending regulatory approval, solidifies Getsafe's transformation into a technology-driven insurance platform. It allows the company to expand its product range more rapidly and focus on innovation in customer onboarding, service, and claims automation. For the industry, it underscores a growing trend where traditional insurers provide the risk capacity and regulatory backbone, while agile tech companies drive digital distribution and customer engagement.