“By acquiring Luko’s German customer base, Getsafe is positioning itself as a major player in the European insurance market. With over 550,000 customers across multiple countries, Getsafe is expanding its reach and solidifying its presence as a leading insurtech.
This acquisition specifically includes Luko’s portfolio of 50,000 policies, covering various types of insurance such as Liability, Pet, and Home Contents. The approval from the German Federal Financial Supervisory Authority is a testament to the credibility and potential of this transaction.
While other insurtechs are shifting their focus away from the Direct-to-Consumer model, Getsafe has experienced significant growth and profitability by catering to a younger demographic of digitally savvy Europeans between the ages of 20 and 40. The company aims to become the go-to platform for this target market, as they recognize the flaws and limitations of traditional insurance models.
By offering a fully digital and mobile-first approach, Getsafe has cultivated strong engagement and loyalty. Their app has become a preferred platform for 35% of their customers, allowing for seamless interactions and convenient insurance management.
Furthermore, Getsafe’s revenue per customer has been doubling each year since its inception, highlighting the untapped demand for Property & Casualty, Life, and Health insurance products among younger generations. The elimination of brokers and agents has resulted in higher customer satisfaction scores and increased profit margins.
The acquisition of Luko Germany is a significant milestone for Getsafe, propelling them toward further growth and dominance in the European insurance market. CEO Christian Wiens expressed enthusiasm for the future, recognizing the vast potential for growth among the millions of young Europeans who will require insurance coverage in the coming years.”
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