This interview is part of our new AI in Insurance series, where we interview the world's top thought leaders on the front lines of the intersections between AI and insurance.
In this interview, we speak with Christian Wiens, CEO of Getsafe, to understand how his company is using AI to transform insurance, and what the future of the insurance industry holds.
1. What’s the story behind Getsafe? Why and how did you begin?
CW: Getsafe became what it is today due to a lucky coincidence: Our CTO Marius Blaesing searched via Facebook for similarly ambitious founders with whom he could exchange ideas. Marius hosted a get-together in Heidelberg and I was the only one who attended the meeting. At that time, I already had start-up experience and had the idea to digitize the insurance world.
We started with Germany's first digital insurance manager on the market. But as we still relied on slow, paper-based processes from traditional insurers, we decided to provide insurances on our own. Since 2017, customers have been able to buy and manage their Getsafe insurance in real-time and paperlessly via an app.
2. Please describe your use case and how Getsafe uses artificial intelligence:
CW: With Getsafe, we offer an easy-to-use, flexible and fully digital insurance experience for the smartphone generation. The core of our offer is our app and our friendly personal assistant Carla, who makes it possible for users to buy and manage their insurance digitally and flexibly via our app. All Getsafe products can be canceled on a daily basis and claims can be easily reported via the app. This offers young people the flexibility to adapt their coverage to their changing life situation.
Automation and AI help us to improve user experience and allow for more efficient processes. Getsafe is already at the forefront with its technological approach. Our declared aim is to settle claims fully automatically so that only a few seconds elapse from the initial filing to the payout. Also, we want to explore how we can use automatic validation and smart algorithms to detect fraud.
3. Could you share a specific customer/user that benefits from what you offer? What has your service done for them?
CW: We have a clear target group in mind: digital natives that are just starting their professional career. Of course, there are many arguments why traditional insurance buyers should come to us: we offer better and faster service, transparent products, more flexibility and above all, our products are user-friendly.
With our technological approach, Getsafe meets the core needs of the digital natives: customers are on average 29 years old, and 75 percentof them take out insurance for the first time in their lives. Getsafe currently is the premier insurance brand for millennials in Germany, with a market share of almost ten percent — followed by giants such as Allianz and Axa. With our new funding, we will offer our products in three more European countries by 2020, thus defending our pioneering role against direct competitors from Europe or even the US.