Getsafe receives Bafin license

Until now, the start-up Getsafe has only brokered insurance policies. Now it wants to offer its own.

Getsafe has received approval for property and accident insurance from the German Federal Financial Supervisory Authority (Bafin). According to the start-up , it initially wants to introduce its own liability, household contents and dog liability insurance and reduce the time it takes to process claims. Ex-MLP manager Muhyddin Suleiman will be in charge of this.

"In the long term, we want to offer our customers comprehensive insurance cover from a single source. Now we are really getting started," says founder Christian Wiens. Getsafe applied for an insurance license back in April 2020. In January of this year, Bafin tightened the requirements for new licenses. "We are all the more pleased that the financial supervisory authority has examined the regulatory admissibility of the project and granted approval," says Wiens.

Christian Wiens and Marius Simon founded Getsafe in 2015 and have been offering insurance via an app ever since. The insurtech is currently active in Germany and the UK. With the insurance license, the company intends to expand further in Europe.