Getlife wants to democratize life insurance in Europe

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meet getlife, a Madrid-based startup that just raised $6.3 million (€6 million) in seed funding. The company wants to simplify access to life insurance products in Europe. For example, a Getlife subscription does not require any medical examinations.

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There are many reasons why you would like to subscribe to a life insurance product. For example, if you’re worried about the future of your loved ones after you’re gone, life insurance can be a way to ensure they don’t run into financial hardship.

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“Life insurance is very hard to buy right now,” Getlife co-founder and CEO Guillermo Ahlen told me. Of course, insuring your life is not as easy as car insurance. Risk assessment and underwriting can be quite complex.

Therefore, many old insurance companies simply refuse to insure some new customers. For one reason or another, they do not meet all the requirements, and the insurance company does not want to cover them.

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“We accept 85% of clients right away,” Alain said. He estimates that only 55% can get a life insurance product from a traditional insurance company.

French venture firm Singular led the round. Several business angels also participated, such as Gokul Dringa and Chris Adelsbach. Previously, the company raised a preliminary round of 1 million euros.

If you want to become a Getlife customer, you must answer a long list of questions so that the company can learn more about you. After you complete the form, the startup will easily match you with the right insurance product. This is a kind of automatic bidding process for life insurance.

“Getlife brings together all the products on offer under one brand and experience,” Alain said. “Getlife’s underwriting system creates a profile based on your responses and sells you one of our products.”

Behind the scenes, Getlife works directly with insurers and reinsurers such as Axa, CNP Assurance and Asisa Vida. Getlife is not just a broker, it acts more like a managing general agent.

The startup hopes it can get better and better over time with predictive analytics. In addition to its own data from customers, Getlife wants to link this data to third-party data in order to improve its underwriting engine. For example, a company might correlate different potential illnesses based on geographic location.

While anyone can go to the Getlife website and get started, the company also wants to develop a multi-channel distribution strategy with partners, brokers, agents and affiliates. Basically, the startup wants to become the life insurance expert in Europe.

It is not the only life insurance company. In the US, Ethos is doing remarkably well as they have reached $2.7 billion valuation. YuLife also sells life insurance products. in the United Kingdom

In other words, now is the right time to take advantage of European regulation, as European companies can provide insurance services within the European Union. Getlife is already operating in Spain and the company expects to launch in France and Germany “pretty soon”.

Image credits: getlife


Credit: techcrunch.com /

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