A managing general agent in Germany that relies on artificial intelligence for its customer platform has raised $17 million in first-round financing. Getsafe’s new money will help propel an expansion into Great Britain and the rest of Europe, and millennials with smartphones are its primary target audience.
“Now it’s time to expand our activities at home and abroad,” co-founder and CEO Christian Wiens said in prepared remarks.
Berlin-based venture capital firm Earlybird led the Series A financing, Getsafe said, though existing investors including CommerzVentures, GFC, BtoV, Partech and Action Capital, and venture firm Capnamic also participated. Capnamic’s web site describes Getsafe as a partnership between the startup and Munich Re, along with Munich Re’s business unit digital partners.
Getsafe, which is based in Heidelberg, in southwestern Germany, launched its first digital insurance offering at the end of 2017 and claims to have sold 50,000 policies since then. (Getsafe itself began in 2014). The InsurTech says its ambition is to become Europe’s “first mobile, AI-powered insurance company.”
Its target audience is generally millennials and younger adults – the “smartphone generation” – digital natives between the ages of 20 and 35. Typical coverages include liability, renters and legal insurance, with add-on coverages for family members, bikes and drones, the company said.
Customers can learn about, buy and manage coverage and file claims all within the AI-centered Getsafe app on their smartphones, which is proprietary and developed in-house. Getsafe said this allows it to “go multi-market and multi-line with one core system.”
About 50 people work for Getsafe currently but that will double in the months ahead, with hiring in areas including customer service, software development and data science. The company also expects to raise more money over the next year.
The idea is to expand into the British market by the end of 2019, with broader European expansion in 2020.
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