Getlife, the Madrid-based life insurance startup, funded by Guillermo Alén and Yago Montenegro, has announced today that it has raised a €6 million Seed round led by VC firm Singular, with participation of business angels from the industry like Gokul Dhringa, former VP of Product of Ethos, or Chris Adelsbach.
Getlife, the Madrid-based life insurance startup, announced today that it has raised a €6 million seed round led by the venture capital firm Singular, with the participation of renowned business angels from the insurance sector such as Gokul Dhringa, former vice president of product at the insurer Ethos, and Chris Adelsbach. The company that is revolutionizing life insurance had already raised one million euros in a pre-seed round, the largest in its category for an insurtech in Spain.
Life insurance is an untapped €100 billion industry in Europe, but its opaque terms and conditions and long buying process makes it a difficult product to buy. The traditional life insurance application model hasn’t meaningfully evolved in 150 years. The historical application process is long, complex, and invasive – often requiring medical exams and weeks of paperwork. On average, buying life insurance takes around 5 days and customers are charged with unfair surcharges that do not correspond to their health situation.
Getlife was founded on the radical idea that everyone deserves access to ethically designed, easy-to-understand term life insurance policies tailored to fit people’s lives. Getlife is a pioneer in using predictive analytics and sophisticated data technologies to eliminate the traditional barriers keeping people from getting coverage. The result is an application process that takes minutes instead of weeks, no medical exams for most applicants and a life insurance company that prioritizes people over profit.
This round of financing comes after significant company growth. Getlife has quadrupled revenue since October last year and announced several integral leadership hires, including CPO Jérémie Mairesse (former VP of product at Jobantalent) and CCO Milan Veskovic (former Chief Sales Officer at Wefox). The company is also driving increased customer acquisition, insuring thousands of new families. The Seed funding will fuel continued momentum, supporting product refinement, technical team hires, and ultimately, the ability to protect more families.
Getlife CEO and Co-founder Guillermo Alén stated: “Getting life insurance is already a difficult decision to make, and making customers go through a painful buying process is unfair and inefficient. This has been mainly led by the underwriting difficulties of the product and high margins of the different stakeholders. We are here to change that and create a new category leader to flip the way we protect our families from the unexpected, making a fair and easy to buy product without discriminating against individuals with pre-existing health conditions”
Raffi Kamber, who led the investment from Singular VC and will join the board commented: “Insurance is undergoing a huge transformation, we se plenty of new insurtech companies arising, but the life insurance industry is still untapped. Getlife has a huge potential to become the category leader for life insurance in Europe, with an ambitious team, a frictionless product, top of the notch underwriting technology, they will become pioneers with their end-to-end life insurance solution.”