SAFE is basically created by another community, presumably has some ties with YFI. But currently the roadmap is vague and very likely will be changed. They started out with the idea of offering bite sized covers using nxm covers as a base, but now it seems like the discussion has strayed away to even offering insurance tied with real life events. So they might evolve into a potential NXM competitor but as of now I doubt the viability of SAFE team is carrying out this grand vision as they have yet to deliver anything and insurance business is not easy to bootstrap, time will tell.
Now they are attracting attention as the first yield farming that involves wNXM. They have also created two pools with yearn NFT version of nxm insurance. Those are rare in supply and some geniuses have figured out how to buy nxm insurance in yearn format for the yield farming and they have maxed out all the cheap covers available. So now we are running low on capacity due to this, but the silver lining is it has pushed the capital formula to the new stage where MCR is dependent on covers purchased instead of arbitrary 1% increase each day.