“Never worry about bureaucracy anymore!” Interview With Insurtech Startup Getsafe
In the digital world of wealthtech, insurtech and technology-driven finance management, B2C service brokerage is the new black. Between personal bank accounts, stock picking, and ETF portfolios, there seem to be few services that cannot be digitally optimized to save money for the frugal (or: compound interest-considerate) consumer.
We talked to Christian Wiens, founder, and CEO of Heidelberg, Germany-based startup Getsafe, who has a bold vision for Europe’s efflorescent wealthtech ecosystem, and the role his company will play in it.
About the Startup
Let our readers know a little bit about yourself and the start-up Getsafe!
I’m the CEO and founded Getsafe alongside Marius Blaesing (today our CTO). We’re a real tech duo – he’s a physicist and I’m an engineer.
How did you come up with the idea for Getsafe?
I took one look in the drawer where my parents keep their insurance documents. I’m not exaggerating here – they have almost 20 insurance policies from different providers. They do need the vast majority of these policies, but the reams of paper in that drawer really are a sight for sore eyes.
And, worst of all, after spending hours looking for the policy you need, the protection provided is pretty inconsistent.
What were the biggest challenges in making your idea a reality, and how has it all been funded?
Our biggest challenge was making the leap from digital broker to actually providing our own policies. This move had always been a part of our plans, but putting the transformation into action (a reshuffle of staff and preparing to take a hit in growth) took much more time and effort than we’d ever imagined.
We’ve been funded up to this point by investment alongside our own turnover – 10 million euros have already flown into the company coffers from external investors, and we’re extremely efficient with how we use these funds.
About the Getsafe business model
How would you describe Getsafe’s vision?
We aim to be the only insurance provider a technophile will ever need. Users of Getsafe can put together their own policy from individual modules covering health, personal property, and liability.
All of the bureaucracy happens in the background – something our users themselves will never have to worry about.
Who are Getsafe’s target audience?
Young, digitally-engaged 21- to 30-year-olds, with a focus on young professionals.
How does Getsafe work?
It’s simple – on our website, customers can put together their individual policy from our various modules, and then manage this long-term in our app.
Questions, info, alterations, extensions, claims – everything’s app-based.
What are the advantages to using Getsafe?
We make insurance simple – with us, insurance is good value, flexible, and best of all, understandable for the layman.
With us, being comprehensively insured is something everyone can afford, without having to dedicate hours of your time to understand what you’re buying and without needing to dedicate a desk drawer to the policy documents!
How has the feedback from customers been?
For the most part, we’ve been pleased to hear that our customers view us in a completely different light from the other insurance providers.
There’s a sense of community that isn’t usually found in this field. Most customers are rather surprised at (and perhaps a little skeptical of) how quick and easy insurance with Getsafe is.
About entrepreneurship & the future of Getsafe
Where does the path for Getsafe lead? Where do you see yourself in 5 years?
We aim to become the fastest-growing and leading insurer in Germany, and later in Europe as a whole, for those under 30. What we provide is unique, so we think this is a fairly achievable goal to set.
And finally: what 3 tips would you give to somebody looking to found their own company?
- Don’t take everything too seriously – entrepreneurship is a marathon, not a sprint, and you have to keep motivation high.
- Look self-confident and think big – it’ll always get slower and smaller than you imagine it, meaning a little overestimation will make things just right.
- Depending on your field, find a working business model – either by building an overarching technological business strategy to show you’re worthy of investment (#investors, #exit) or achieving a good turnover quickly, bearing the costs yourself and keeping these low.
Christian Wiens, thanks so much for your time, and all the best for the future of Getsafe!
CEO biography Christian Wiens
He holds a Master degree in Engineering from one of Germany’s leading Technology Institutes, Technische Universität Darmstadt.
He wants to challenge one of the largest industries in the world building one of the world’s up and rising digital insurance companies – as the Co-Founder and CEO of Getsafe.