Reinsurance News

Swiss Re joins insurtech Getsafe’s $93m Series B

7th October 2021 - Author: Matt Sheehan

Swiss Re was among the participants in the extended Series B funding round of digital insurer Getsafe, which secured another $63 million in funds, bringing the Series B total to $93 million.

Swiss ReIptiQ, Swiss Re’s digital B2B2C provider of bespoke insurance solutions, previously led the initial Series B funding round for Getsafe back in December 2020.

Other investors in the latest round included some of the largest Family Offices from Germany and Switzerland, for example Abacon Capital, as well as existing investors Earlybird and CommerzVentures.

Getsafe says it plans to use the money to fund its own insurance licence by the end of 2021 and to accelerate its European expansion.

The company began offering renters insurance in Germany in late 2017, and has expanded its product portfolio to a car insurance product at the end of last year.

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It also launched its renters insurance product in the UK in 2020, and already one quarter of its total growth is already generated through the British market.

“The insurance brands we know today have been founded in a totally different era,” says Christian Wiens, CEO & Co-Founder of Getsafe. “But insurance, more than many other products, can be much better when powered by technology and machine learning. This is why we believe that insurance companies built from scratch, on their own digital platform, are set to become the dominant insurance players for the generations to come.”

“We are delighted to work with the team surrounding CEO Christian Wiens,” added Christian Nagel, partner at Earlybird. “Getsafe’s vision to excite people with a digital insurance experience, and to sustainably change this industry is a fantastic journey to be part of.”

“The disruption of the insurance sector is well underway and holds lots of growth opportunities. Getsafe is uniquely positioned to bridge the gap between traditional insurance distribution and the needs of a new generation of customers across Europe.”

Getsafe applied for a licence with the Federal Financial Supervisory Authority (BaFin, for short) last year, which it believes will allow it to expand its product offering and innovations even faster.

“We don’t only want to do insurance differently, but we want to make it unconditionally better,” Wiens continued. “The innovations in the insurance market we’ve seen so far are merely the tip of the iceberg. Becoming a full-stack carrier will give us the necessary freedom to take unconventional paths and to realise innovations quicker than before.”

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