Digital insurer Getsafe is expanding its product range in the UK to offer home insurance.
The product will go live in April 2022.
Getsafe currently offers contents insurance in the UK, which accounts for 25% of the insurer’s growth.
Broadening its business in the UK is one of the reasons that it has chosen to launch the new product, alongside there being more homeowners than in its majority market in Germany.
Providing cover for younger people is also a target.
Getsafe chief executive and founder Christian Wiens said: “Last year was a turning point. We have proven the robustness of the business model and are growing faster than expected both at home and abroad.”
In 2022 the startup wants to further boost its UK customers to 50,000, building on its base of 300,000 customers worldwide.
Getsafe also notified the German regulator BaFin this month (March 2022) that it would expand its operations to markets in France, Italy and Austria.
Wiens added: “Digital-savvy target groups are used to doing everything via smartphone – this includes banking as well as investments and financial security.
“Neo-brokers focus on mobile, transparent solutions to help customers participate in economic growth; neo-banks enable mobile financial services; and neo-insurers target people who also want to take out and manage insurance and pension products via their smartphone.
“Together, neo-banks, neo-brokers and neo-insurers have stepped up to ensure that generations Y and Z do not fall through the cracks”.
Instead of a fixed contract, Getsafe offers a modular insurance that customers can choose aspects from according to their needs. Policyholders can also cancel on a daily basis.