Getlife wants to democratize life insurance in Europe – TechCrunch
To meet getlife, a Madrid-based startup that has just raised $6.3 million (€6 million) in seed capital. The company wants to facilitate access to life insurance products in Europe. For example, no medical examination is necessary to subscribe to Getlife.
There are many reasons why you would want to purchase a life insurance product. For example, if you are worried about the future of your loved ones after you leave, life insurance could be a way to make sure they don’t experience financial hardship.
“Life insurance is currently a very difficult product to buy,” Getlife co-founder and CEO Guillermo Alén told me. Of course, it is not as easy to insure your life as your car. Risk assessment and underwriting can be quite difficult.
This is why many traditional insurance companies simply refuse to insure certain new customers. For some reason they don’t fit the bill and the insurance company doesn’t want to cover them.
“We accept 85% of clients immediately,” Alén said. He estimates that only 55% can obtain a life insurance product from a traditional insurance company.
French venture capital company Singular led the round. Several business angels also participated, such as Gokul Dhringa and Chris Adelsbach. The company previously raised a €1 million pre-seed round.
When you want to become a Getlife customer, you have to answer a long list of questions so that the company can learn more about you. Once you’re done filling out the form, the startup seamlessly matches you with the insurance product that’s right for you specifically. It’s kind of an automatic bidding process for life insurance.
“Getlife unifies all of this product offering under the same brand and experience,” Alén said. “The Getlife subscription engine creates a profile based on your answers and sells you one of the products we have.”
Behind the scenes, Getlife has partnered directly with insurers and reinsurers, such as Axa and CNP Assurances. Getlife is not just a broker, it acts more like a managing general agent.
Over time, the startup hopes to get better and better with predictive analytics. In addition to first-party customer data, Getlife wants to connect this data with third-party data to improve its subscription engine. For example, the company could match different potential illnesses based on different geographies.
While anyone can access the Getlife website and get started, the company also wants to develop an omnichannel distribution strategy with partners, brokers, agents, and affiliates. Essentially, the startup wants to become the life insurance expert across Europe.
It’s not the only company taking an interest in the life insurance space. In the United States, Ethos is doing remarkably well as it has reached a valuation of $2.7 billion. YuLife also sells life insurance products in the UK
In other words, now is the time to take advantage of European regulations, because European companies can provide insurance services throughout the European Union. Getlife is already live in Spain and the company plans to launch in France and Germany “very soon”.