Reinsurance Group of America (RGA) has backed a new digital life insurance solution launched by German InsurTech startup, Getsurance, which aims to bring life insurance into the 21st century.
The launch marks the first time a European digital life insurance product has been developed, and Getsurance created the solution in collaboration with large life reinsurer, RGA.
The rise of InsurTech and Fintech across the insurance and reinsurance industry continues to intensify, and companies are increasingly looking to work with technology driven companies in order to increase efficiency and revenue.
RGA’s backing of the new digital life insurance product is another sign of reinsurers looking to access risk more directly through investing in and partnering with InsurTech businesses.
The new solution is designed to protect individuals with long-term disabilities against the loss of income due to illness or accident, by using an “algorithmic underwriting process” that is based on just a few simple health questions, providing instant and paperless protection.
Getsurance Co-Founder and Chief Executive Officer (CEO), Dr. Johannes Becher, said; “Millennials want to buy coverage in the same easy way they buy from Amazon or Ebay. We are taking life insurance to the 21st century.”
Co-Founder and Chief Operating Officer (COO) at Getsurance, Dr. Viktor Becher, commented; “Spotify has become famous for disrupting the music market, which has a global size of €15 billion. And here’s the €2.2 trillion life insurance market still waiting to be disrupted!
“There’s only a handful of life insurance startups worldwide. Prospective founders are intimidated by tight regulation and technical complexity. We overcame these obstacles by teaming up with strong industry partners such as RGA.”
Based in Berlin, Germany, Getsurance closed a €2 million seed funding round in April, 2017, and is the first startup to launch a European digital life insurance solution.
The firm explains that it is developing more life solutions, such as long-term care and term life insurance, for the European single market.