Getsafe receives Bafin license

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

Getsafe has received approval from the German Federal Financial Supervisory Authority (Bafin) for property and casualty insurance. The start-up says it initially wants to use this to launch its own liability, home contents and dog liability insurance and reduce the time it takes to process claims. It will be led by ex-MLP manager Muhyddin Suleiman.

"In the long term, we want to offer our customers holistic insurance cover from a single source. Now we are really getting started," says founder Christian Wiens. Getsafe had already applied for its insurance license 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 permissibility of the project and granted approval," says Wiens.

Christian Wiens and Marius Simon founded Getsafe in 2015, and since then the platforms has been offering insurance via an app. So far, the insurtech operates in Germany and the UK. With the insurance license, the company wants to expand further in Europe.