La kulan Getlife, a Madrid-based startup that has now raised $ 6.3 million (€ 6 million) in seed funding. The company wants to make it easier to find life insurance products in Europe. For example, there are no medical tests required to join Getlife.
There are many reasons why you want to join a life insurance product. For example, if you are worried about the future of your loved ones once you are away, life insurance can be a way to make sure they will not face financial problems.
“Life insurance is now very difficult to buy,” he told Getlife founder and general manager Guillermo Alén. Of course, it is not as easy to insure your life as your car. Risk assessment and recruitment can be very difficult.
That is why many reputable insurance companies refuse to insure some new customers. For one reason or another, the bill does not fit, and the insurance company does not want to cover it.
“We accept 85% of customers right away,” Alén said. He estimates that only 55% can access life insurance products from a traditional insurance company.
French company VC Keli round lead. Several business angels were also involved, including Gokul Dhringa and Chris Adelsbach. The company had already collected 1 million euros in the first round of seeding.
When you want to become a Getlife client, you have to answer a long list of questions so that the company can find out more. Once you have completed the form, the startup is seamlessly suited for the right insurance product for you. It is a form of direct life insurance policy.
“Getlife unites all of these products with the same brand and experience,” Alén said. “Getlife’s search engine creates a response based on your responses and sells you one of the products we have.”
Behind the scenes, Getlife has been directly involved with insurers and insurers, such as Axa, CNP Assurance and Asisa Vida. Getlife is not only a broker, it acts as a general management agent.
Over time, the startup hopes it will be better and better at forecasting analysis. In addition to first-party customer data, Getlife wants to link this data to third-party data to improve its downside engine. For example, a company may be dealing with a variety of possible diseases based on different geography.
While anyone can go to Getlife website and get started, the company also wants to develop an omnichannel distribution strategy for partners, brokers, agents and followers. Basically, the startup wants to be a life insurance expert across Europe.
This is not the only company looking at life insurance coverage. In the United States, Ethos did a staggering $ 2.7 billion. YuLife also sells life insurance products in the UK
In other words, now is the right time to take advantage of European regulations as European companies can provide insurance services throughout the EU. Getlife already lives in Spain and the company expects to launch in France and Germany “soon”.