Getsafe, a German-based digital insurtech startup, has acquired the German portfolio of Luko, a French insurtech startup that previously neared insolvency before agreeing to be acquired by British insurer Admiral Group in a transaction that didn’t added its German or Spanish operations.
Getsafe currently has 550,000 subscribers around Europe, up from 400,000 before the French expansion in January of this year. This is because of the acquisition of Luko’s German portfolio of 50,000 policies, including liability, pet, and home contents insurance.
Since its expansion into France, Getsafe has established itself in four nations. A major portion of Coya’s former customer base is what Getsafe is now assuming ownership of. Coya was a German startup that Luko bought in 2022 as part of its own expansion into Germany.
When asked if Getsafe had attempted to purchase Coya at the time, Wiens stated that there had only been “loose discussions” involving the two businesses that “never materialized.” In contrast to Getsafe, which did not need an insurer license because it had obtained one from the Federal Financial Supervisory Authority (BaFin) in 2021, Luko was more serious about getting one because, by purchasing Coya, it would do so.
It’s possible that Luko was lacking the ability to sell more goods to the same consumer because it previously only offered home insurance. Luko had been concentrating excessively on a mono-line (single product) approach, according to Wiens. If you don’t become your clients’ comprehensive insurance partner, it could prove challenging to amortize the costs of acquiring customers, particularly in a direct internet market.
Getsafe was founded in 2015 by Christian Wiens (CEO) and Marius Simon (CTO), who converted the company from an insurance broker to an MGA by creating its own digital insurance products. Getsafe got its own license in 2021 and is currently an online insurance. Getsafe is developing the most potent insurance platform in the world to guarantee that everyone is adequately covered, regardless of where they are.
France and Europe’s top technology for insurance is Luko. In addition to serving as an insurer, Luko is also a life partner who makes house insurance readily apparent and simple to understand while enabling thousands of policyholders to take daily care of their homes.