Getsafe Expands Across Europe with Luko Acquisition
Germany’s neo-insurer, Getsafe, has acquired the German insurtech Luko Insurance customer base, enhancing its European presence. This strategic move has added over 50,000 policies covering Liability, Pet, and Home Contents insurance to Getsafe’s portfolio. Getsafe now boasts a substantial customer base of over 550,000 across significant European markets, including Germany, the UK, France, and Austria. While many insurtechs shift away from the Direct-to-Consumer model, Getsafe’s fully digital approach continues to resonate with a tech-savvy audience, contributing to its profitability and growth. The acquisition showcases Getsafe’s commitment to expansion and adaptation in the evolving insurance landscape.
Getsafe achieves strong customer engagement, with 35% using their app monthly. Their revenue per customer consistently doubles, meeting demands for P&C, Life, and Health insurance. By eliminating brokers and agents, they surpass industry-average customer satisfaction. The direct-to-consumer model drives higher profit margins, ensuring operational profitability in core markets. The acquisition of Luko Insurance’s German customer base expands their presence significantly.
Getsafe’s acquisition of Luko Insurance’s German portfolio is crucial, showcasing its dedication to customer needs and efficient tech integration. The smooth transition underscores Getsafe’s tech-savvy and adaptive approach in the insurtech realm. Christian Wiens, the CEO and founder of Getsafe, emphasized the company’s vision to address the evolving needs of digitally savvy customers. He said in a statement:
“Traditional insurance is broken for digitally savvy customers. They would never step into a broker’s office. We aim to become the go-to platform for 100 million young Europeans who will spend €300 billion on insurance in the next decade.”
Getsafe is a pioneering digital insurance company. It has revolutionized the insurance landscape, making it simple, fair, and accessible. Utilizing advanced technology, Getsafe streamlines processes, enabling customers to file claims and adjust their coverage with just a few clicks.
