Verivox, the co-owned price comparison site of equity firm General Atlantic, has acquired the insurance broking unit of Getsafe, a German InsurTech start-up backed by Munich Re.
Integrating Getsafe’s technology will allow over 8 million Verivox customers to manage all of their insurance policies on Getsafe’s web or mobile app, the company said.
Verivox added that its price comparison algorithms will then further optimise customers’ portfolios by identifying better deals for car or renter insurance.
Christian Wiens, Chief Executive Officer (CEO) and Founder of Getsafe, commented on the acquisition: “We felt it became very hard and limited to further improve the customer experience by just re-selling traditional policies from established insurance carriers as a broker.
“To dramatically improve the insurance experience as a whole, from buying a policy to filing a claim, we need to build the insurance product ourself,” he continued.
Earlier in the year Getsafe launched its own insurance platform, backed by Munich Re, and has already sold 30,000 policies via its mobile app. Getsafe said it plans to use the profits from the deal to develop further products and expand into new international markets.