Insurtech Getsurance Launches Europe’s First Digital Life Insurance:
For our international and specifically European followers, we have some good news. The Insurtech growth is not limited to USA, this is an international trend that (with the help of incumbents) will continue to improve the insurance experience.
Another good day for consumers. With hopefully the expense savings of this technology being passed in part forward to consumers. Congrats to the RGA and other affiliated insurers for partnering with this new technology/distribution platform.
Getsurance was founded in March 2016 by former Rocket Internet executive Dr. Johannes Becher and his brother Dr. Viktor Becher, certified insurance expert and former software engineer at Siemens. The team consists of 12 software engineers and insurance specialists and is based in Berlin, Germany.
Given that the Getsurance site is not English friendly and my German is a little rusty, I will share the information in the recent press release below.
Customers can take out disability insurance instantly & paperless, thanks to an algorithmic health check.
- Getsurance developed the product in cooperation with NYSE-listed Reinsurance Group of America (RGA). Getting Cover in Five Minutes Instead of Five Weeks
- Together with American reinsurance heavyweight RGA, the Berlin-based insurtech startup Getsurance has developed a long-term disability product that protects customers from the loss of their income due to illness or accident.
- The product was launched today on the company website http://getsurance.de.
- The product features an algorithmic underwriting process – based on just a few easy health questions, customers are instantly granted coverage.
- Incumbent life insurers such as AIG or AXA require customers to fill out lengthy paper forms and sometimes even get medical certificates from their doctor. The daunting process of 4 to 6 weeks has left many behind – only 1 in 4 Europeans is sufficiently insured.
- “Millennials want to buy coverage in the same easy way they buy from Amazon or Ebay. We are taking life insurance to the 21st century.” says Co-Founder and CEO Dr. Johannes Becher.
- Two US-based startups, Ladder and Fabric, have developed digital life insurance products for the American Market. Getsurance is the first startup to launch a digital life insurance product in Europe.
Life Insurance is a €2.2 trillion Market Opportunity
- In April Getsurance closed a €2 millon seed funding round, led by Berlin-based VC IBB Beteiligungsgesellschaft. The Swiss bank PostFinance and the Munich-based VC Picus Capital also participated in the round.
- Getsurance is developing further life insurance products, e.g. long-term care and term life insurance, for the European single market.
- The European insurance market alone has a size of € 730 billion, measured in yearly life insurance premiums.
- “Spotify has become famous for disrupting the music market, which has a global size of € 15 billion. And here’s the €2.2 trillion life insurance market still waiting to be disrupted!”, says Co-Founder and COO Dr. Viktor Becher.
- “There’s only a handful of life insurance startups worldwide. Prospective founders are intimidated by tight regulation and technical complexity. We overcame these obstacles by teaming up with strong industry partners such as RGA”, says Viktor Becher.