Getsafe partners with UK comparison site Quotezone

By Sunniva Kolostyak

German InsurTech Getsafe has teamed up with UK’s insurance comparison platform Quotezone, as it grows its user base in the market where it launched in early 2020.

Getsafe offers customers in the UK its flagship insurance product for contents and has partnered with Quotezone to extend its reach.

Despite the outbreak of Covid-19, which slowed down partner negotiations for the InsurTech, Getsafe has seen its UK business grow twice as fast as it did in Germany when launching in 2018.

Commenting, Christian Wiens, CEO and co-founder at Getsafe said The UK is an important, yet highly competitive market, and a key priority for the company’s European expansion, as the largest FinTech and insurance market in the region.

“The corona situation unfortunately forced us to adjust our ambitious business plan for the UK. We are happy to see traction now and are optimistic about catching up on our numbers in the months to come,” Wiens said.

“Those aged between 20 and 35 are particularly open to the idea of using smartphones to manage financial services. However, at present there aren’t many providers that offer this target group an app for managing insurance coverage. Together with Quotezone, we aim to close this gap in the market.”

Getsafe has so far won nearly 10 per cent market share in Germany, and 30 per cent of German millennials, due to it’s digital-first nature. The brand is also working on closing in on the insurance gender gap, as women are typically less insured compared to men – and within its customer base of under-25s, almost 50% of customers are female.

The company also noted that both the Wirecard scandal and the global pandemic has highlighted the strength of neo-insurers. Last week, US-based InsurTech Lemonade went public, seeing its share value double in 24 hours, proving that the sector is well equipped to deal with a crisis.

“The Wirecard scandal discredits the entire FinTech sector. Customers are sceptical, and investors will be cautious. This isn’t the case for neo-insurers,” Wiens said.

“The successful Lemonade IPO is therefore a positive sign for us. Digital insurance is becoming the new standard, and neo-insurance providers such as Lemonade and Getsafe don’t have to shy away from comparisons with neo-banks. In fact, they should embrace these comparisons.”

Getsafe is funded by over $25 million in venture capital funding from investors including CommerzVentures, Earlybird Venture Capital, BtoV Partners, GFC, Partech and Capnamic.