Getsafe partners with Confused.com following $3 milion Series B

By Sunniva Kolostyak

German InsurTech Getsafe has announced the partnership with comparison site Confused.com as it aims to offer a digital-first insurance experience to customers in the UK.

The announcement of the partnership comes a week after the digital insurer closed a $30 million Series B funding round, which was led by Swiss Re’s digital platform iptiQ.

By partnering with Confused.com, a UK comparison site, Getsafe hopes to reach a larger customer base in the country. It already has running partnerships with GoCompare and Quotezone.

In a statement, Christian Wiens, Founder and CEO at Getsafe, said 33 per cent of Brits want to purchase and manage insurance completely digitally, with the COVID-19 outbreak playing a significant role.

“The rising interest in digital insurance is independent of age or gender,” Wiens said. “We’re aware that the COVID-19 pandemic has caused major disruption to people’s lives. People want that extra level of security and peace of mind. That’s what we’re offering with our comprehensive contents insurance product.”

Founded in 2015 by Christian Wiens and Marius Simon in Heidelberg, Germany, the company started out with a vision of making digital insurance the go-to option in Europe. It is now active in two markets, Germany and the UK.

Getsafe has also seen that the coronavirus pandemic has created uncertainty, driving renters towards insurance and an extra safety net. Moreover, people living in the private rented sector increased by 63 percent between 2007 and 2017. The firm therefore launched its contents insurance insurance product, which is as flexible as peoples’ lifestyles, with the option to update details, adapt coverage, and even cancel at any time without a fee via the Getsafe app.

Based on estimates by Getsafe’s internal finance team, Getsafe predicts that millennials in Europe may purchase 1 billion insurance policies over the next ten years, amounting to a combined value of around €300 billion. Confused.com and Getsafe are committed to listening to their customers’ needs and offering products that fulfill their requirements. Therefore, both companies are on a mission to bring greater value to the UK renters, who are looking for more flexibility and price transparency.