German insurtech Getsafe launches new home insurance product as hits 50,000 UK customer mark

German digital insurer Getsafe is launching a new buildings and contents home insurance product in the UK, where it now reports a quarter of its growth.

Getsafe, which launched in the UK in early 2020, says it now has 50,00 customers in the UK where it primarily targets millennials.

It will have high hopes for its new insurance products in the UK, its debut market for the product, as it points out that over 60 per cent of Brits own a home.

A high per cent of Getsafe’s customers use the insurtech to take out insurance for the first time. In the UK, it is pitching itself up against startups like Urban Jungle and established players like Aviva.

According to its website, Getsafe already offers separate contents and building insurance in the UK. But it is understood that its new products will combine the two. The digital insurer did not reveal further details of the product.

Getsafe’s insurance products offer flexible subscriptions that can be tailored to customer needs “without admitting fees”.

Christian Wiens says: “In the past six months, we more than doubled our customer base to now 50,000 in the UK alone. With our new product, we expect to double our growth rate again.“

Currently, Getsafe employs 170 people and has. more than 300,000 customers. In the following months, Getsafe plans to expand its operations to markets in France, Italy and Austria. 

In October last year, Getsafe closed a $93m Series B funding round.

Last year, it also scooped a licence from the German financial regulator BaFin, allowing it to accelerate its geographical expansion plans across Europe.