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Getsurance launches first digital disability insurance

In View Summary

With a population of 80m and the highest number of insurance policies per capita in the world, Germany is ripe for InsurTech. Getsurance is one of these and the first digital life insurance product in Germany whereby users can buy disability insurance in paperless manner thanks to Getsurance’s automated risk assessment engine.

How it works:

Simple, digital and speedy purchase of disability insurance targeting physically active persons and those with pre-existing conditions.

Getsurance’s co-founder and CEO Dr Johannes Becher has summarized Getsurance’s philosophy: “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.

Getsurance is cooperating with re-insurer RGA and is targeting both physically active persons and those with pre-existing conditions.

In terms of pricing, Getsurance has embraced a pay as you go model with the cheapest policy available from €11 a month.

This launch also signals Getsurance as the first InsurTech to bring its own life insurance product to market in Germany. This is a bold step as the regulations and IT infrastructure required to participate in underwriting and operations is substantially heavier than those focusing on distribution or lead generation.

Reported Benefits

  • Getsurance’s life insurance has been specifically designed to meet the requirements of the younger generation who, as digital natives, have high demands on customer-friendliness and speed.
  • Completely paperless instant insurance product, thanks to algorithmic risk assessment in a few seconds.

The Digital Insurer's View

Ultimately, combining an under–penetrated product such as disability insurance with a purely online experience has allowed Getsurance to enter the German market, hitherto known for its traditional and mature players.

Although the philosophy with which Getsurance is competing is low cost, digital, and paperless, established German insurers are moving ahead with their own digital agendas.

References

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