Getsafe, which offers on-demand insurance products, has released a protection service for bikes.
The Germany-based InsurTech offers the bike theft insurance cover on its mobile solution, giving consumers the ability to quickly buy and manage their protection. Once purchased, the bike will be guarded for 24 hours a day and around the world. The protection even includes the bike lock.
Getsafe claims that more than 300,000 bikes are stolen in Germany each year, and only one in eleven are cleared up.
Bike insurance cover is separate from the contents insurance policy. On this, product manager Marie Foshag said, “This increases flexibility and makes the product particularly attractive for young people who may own an expensive bicycle but have little or no valuable furniture, works of art or other valuables in their home.”
The InsurTech startup is an online insurance platform which helps consumers purchase a range of insurance products through a mobile app. Its primary target-market is millennial customers, offering liability, renters and legal insurance – including modular add-ons for family members, bikes and drones.
Getsafe CEO and founder Christian Wiens said, “Many customers have asked us for bike insurance that works just as easily on a smartphone as our other products. Now the time has arrived, and we are pleased to fulfil our customers wish.”
This launch has come just a month after the company closed its Series A round on $17m from investors including Earlybird, and CommerzVentures. Funds were raised to support growth, with plans to launch in the UK by the end of the year.
On the back of the round, the company revealed it is already looking to raise more funds and hopes to close another round this year.
In the coming years, the company is hoping to offer more digital insurance policies and expand into other European countries.
Copyright © 2019 FinTech Global
