Meet Getlife, a Madrid-based startup that simply raised $6.3 million (€6 million) in seed funding. The corporate desires to make it simpler to entry life insurance coverage merchandise in Europe. As an example, there’s no medical exams wanted to subscribe to Getlife.
There are lots of the explanation why you’d wish to subscribe to a life insurance coverage product. As an example, in the event you’re apprehensive about the way forward for your family members when you’re gone, life insurance coverage may very well be a manner to verify they received’t face monetary difficulties.
“Life insurance coverage proper now’s a brilliant tough to purchase product,” Getlife co-founder and CEO Guillermo Alén informed me. In fact, it’s not as straightforward to insure your life as your automobile. Assessing the dangers and underwriting may be fairly tough.
That’s why many legacy insurance coverage firms merely refuse to insure some new shoppers. For one cause or one other, they don’t match the invoice and the insurance coverage firm doesn’t wish to cowl them.
“We settle for 85% of shoppers instantly,” Alén mentioned. He estimates that solely 55% can get a life insurance coverage product with a conventional insurance coverage firm.
French VC agency Singular led the spherical. A number of enterprise angels additionally participated, corresponding to Gokul Dhringa and Chris Adelsbach. The corporate had earlier raised a €1 million pre-seed spherical.
While you wish to change into a Getlife buyer, it’s a must to reply a protracted listing of questions in order that the corporate can study extra about you. When you’re completed filling out the shape, the startup seamlessly matches you with the suitable insurance coverage product for you particularly. It’s a form of computerized bidding course of for all times insurance coverage.
“Getlife unifies all this product providing underneath the identical model and expertise,” Alén mentioned. “The Getlife underwriting engine creates a profile primarily based in your solutions and sells you one of many merchandise that we’ve.”
Behind the scenes, Getlife has partnered instantly with insurers and reinsurers, corresponding to Axa and CNP Assurances. Getlife isn’t only a dealer, it acts extra like a managing basic agent.
Over time, the startup hopes it might change into higher and higher with predictive analytics. Along with first-party knowledge from clients, Getlife desires to attach this knowledge with third-party knowledge to enhance its underwriting engine. As an example, the corporate may match completely different potential diseases primarily based on completely different geographies.
Whereas anybody can go to Getlife’s web site and get began, the corporate additionally desires to develop an omnichannel distribution technique with companions, brokers, brokers and associates. Basically, the startup desires to change into the life insurance coverage skilled throughout Europe.
This isn’t the one firm wanting on the life insurance coverage house. Within the U.S., Ethos has been doing remarkably effectively because it has reached a $2.7 billion valuation. YuLife can also be promoting life insurance coverage merchandise in the U.K.
In different phrases, now’s the suitable time to make the most of European regulation as European firms can present insurance coverage companies throughout the European Union. Getlife is already stay in Spain and the corporate expects to launch in France and Germany “fairly quickly.”
Picture Credit: Getlife
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