Getlife, the Spanish start up specializing in life insurance, raised a seed capital round worth 6.3 million dollars (6 million euros) led by the French venture capital company Singular. Gokul Dhringa and Chris Adelsbach, important business angels in the insurance sector, also participated in these first investments.
The insurance company, founded by Guillermo Alén and Yago Montenegro based in Madrid, had previously raised €1 million in a pre-seed round, which became the largest investment directed at an insurtech in Spain.
The seed capital will further boost Getlife
The financing round comes after seven months of insurtech activity and a year of life for the company with exponential growth. Since October of last year, Getlife has managed to quadruple its income and is currently finishing building a solid management team with professional members with a lot of experience within the insurtech and fintech sector in Europe.
Likewise, the company is making great efforts to promote the acquisition of new clients, insuring new families. The capital raised in the round will allow Getlife to continue developing its businessimprove its product and incorporate new technical personnel, which will give it more capacity to insure more families.
Getlife, the revolution in the insurance sector
The economic sector of life insurance is an industry that moves about 700,000 million euros in Europe, though has not changed or evolved in the last 150 years, so there is a lot of potential to be exploited. In the traditional system, buying life insurance is a long, tedious process that involves a lot of paperwork, which makes it a complex process. This is precisely what Getlife wants to change.
William Allen, CEO of Getlife, states that “purchasing life insurance is already a difficult decision to make, and making customers go through a painful purchase process is unfair and inefficient. This was mainly due to the difficulties in underwriting the product and the high margins of the different players. We’re here to change that and create a new category leader for turn the way we protect our families from the unexpected by designing a product that is fair and easy to buy without discriminating against people based on their pre-existing health conditions”.
Getlife’s future plans aim to develop an omnichannel distribution strategy that integrates partners, brokers, agents and affiliates, in order to position itself as the expert life insurance company in Europe. For this, they plan their early expansion to France and Germany.
How to take out Getlife insurance
Alen assures that Getlife accepts approximately 85% of its clients immediately, through a 100% digital process that does not require medical examinations and that covers up to 700 diseases.
Becoming a client of Getlife is quite simple, you must answer a series of basic questions on its website that help the company to get to know its insured better. When the form is finished, the platform gives you the insurance option that best suits your needs personal as a client.
The insurtech also has partnered with other insurers such as Axa or CNP Assurances. In this way, Getlife unifies a wide range of products under the same brand and experience, ensuring that its customers contract a plan that suits them.
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