In this round he has had the confidence of Chris Adelsbach, considered the best Angel investor in the United Kingdom with investments such as Marshmallow, Railsbank or Atom Bank, who was accompanied by executives of international insurers, banks and entrepreneurs of large insurtech companies. The life insurance market in Europe is € 700 billion and it is an outdated product still pending disruption.
Founded in early 2021 by Guillermo Alén, serial entrepreneur and venture capitalist, Getlife has already started distributing its insurance that is backed by leading international insurers, reaching more than 2,000 client requests. Getlife insurances make better use of data and technology to offer fair prices to its clients and a user experience radically different from that of traditional insurers, with contracting in a few minutes, completely online and without the need for medical check-ups.
Getlife stands up to traditional life insurance and tackles its fundamental problem. According to Guillermo Alén, “traditional life insurance takes days to receive approval from insurers, often requiring medical reports and blood tests. We have developed a dynamic and simple underwriting system for clients, based on technologies with which we adapt the offer of the best insurers to the characteristics of our clients, to offer them the best product, the best coverage and the price that best suits their risk profile “.
The startup, which already has 15 top-level employees, with experience in successful technology companies and startups such as Factorial (which recently raised a round with Tiger Global), Luko (which has received investment from Accel, EQT and Mundi Ventures), Blink (sold to Groupon), Lendrock (sold to Wizink) or Codeoscopic, uses data analysis and connections through APIs to create a dynamic risk underwriting system. “This will allow us, for example, to offer life insurance adapted to the age group of the elderly, special insurance for diabetics or insurance for risk professions with the best prices and coverage on the market.”
The Getlife founder comments that typical clients range from professionals who want to protect their loved ones, be they their children, partners or dependent elderly people, to people with mortgages and loans who simply want to save money on their life insurance, and seek alternatives to life insurance offered by banks.
“Our clients are concerned about the future well-being of their families in the face of what may happen and they want a reliable solution that meets all their needs, and at the same time they want to escape the complex products sold by traditional insurers and banks. There is no project that was born with the same ambition in Europe, “adds Alén.
The former head of international expansion at Luko, the leading insurtech in home insurance in Europe, recently joined the team. The company follows in the footsteps of the success achieved by insurtechs such as Ethos in the United States, which is conquering the market and has obtained hundreds of millions in financing from investors such as Sequoia, Google Ventures or Softbank.
