Meet Getlife, a Madrid-based startup that simply raised $6.3 million (€6 million) in seed funding. The corporate needs to make it simpler to entry life insurance coverage merchandise in Europe. As an illustration, there’s no medical exams wanted to subscribe to Getlife.
There are lots of the reason why you’ll wish to subscribe to a life insurance coverage product. As an illustration, should you’re frightened about the way forward for your family members when you’re gone, life insurance coverage could possibly be a approach to verify they gained’t face monetary difficulties.
“Life insurance coverage proper now could be an excellent tough to purchase product,” Getlife co-founder and CEO Guillermo Alén instructed me. In fact, it’s not as simple to insure your life as your automotive. Assessing the dangers and underwriting will be fairly tough.
That’s why many legacy insurance coverage firms merely refuse to insure some new purchasers. For one purpose 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 purchasers 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, similar to Gokul Dhringa and Chris Adelsbach. The corporate had earlier raised a €1 million pre-seed spherical.
Once you wish to develop into a Getlife buyer, it’s important to reply a protracted listing of questions in order that the corporate can be taught extra about you. When you’re finished filling out the shape, the startup seamlessly matches you with the precise insurance coverage product for you particularly. It’s a kind 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 have now.”
Behind the scenes, Getlife has partnered straight with insurers and reinsurers, similar to Axa, CNP Assurance and Asisa Vida. Getlife isn’t only a dealer, it acts extra like a Managing Basic Agent.
Over time, the startup hopes it could possibly develop into higher and higher with predictive analytics. Along with first-party knowledge from clients, Getlife needs to attach this knowledge with third-party knowledge to enhance its underwriting engine. As an illustration, the corporate might match totally different potential sicknesses primarily based on totally different geographies.
Whereas anybody can go to Getlife’s web site and get began, the corporate additionally needs to develop an omnichannel distribution technique with companions, brokers, brokers and associates. Basically, the startup needs to develop into the life insurance coverage knowledgeable throughout Europe.
This isn’t the one firm trying 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 could be the precise time to reap the benefits of European regulation as European firms can present insurance coverage providers throughout the European Union. Getlife is already dwell in Spain and the corporate expects to launch in France and Germany “fairly quickly”.