Global trends, Hotnews, Insurance, RemittancesSeptember 28, 2017

Revolut moves into insurance

Revolut users will now be able to insure their mobile phone for as little as £1.00 per week as the innovative fintech launches the first phase of its insurance offering.

The collaboration with industry giant Simplesurance will see Revolut’s 850,000 users able to insure their mobile phone for as little as £1.00 per week. The coverage will protect users against water, accidental and operational damage (including cracked screens) for devices up to six months old.

Insuring your device takes just 30 seconds and the signup flow is integrated within the Revolut app. Users will also be able to access and control their policy in the tap of a button. When an accident happens customers will be able to file a claim online with a fully digital experience.

Simplesurance and Revolut aim to have broken phones repaired in under 48 hours compared to traditional providers who generally take around 2-3 weeks. Revolut Premium customers will receive a 20% discount on device insurance and have the flexibility to pay upfront or weekly.
Allianz Worldwide Partners is the appointed underwriter behind the new device insurance scheme, with both Revolut and Simplesurance taking responsibility for sales and customer service. Berlin-based Simplesurance was founded in 2012 and has since acquired more than 300,000 customers worldwide.

Whilst the device insurance offering is aimed towards all Revolut users, it will be particularly welcoming news to frequent travellers who typically fall victim to extortionate fees and slow repair service. Revolut and Simplesurance promise to offer their users market-low rates of £1.00 per week or £42.00 for a full year.

Nikolay Storonsky, Founder & CEO of Revolut said:
“With 80% of our users owning a high end mobile phone and 1/3 of them admitting to breaking their screens within the first year of buying their phone, we wanted to provide secure and cost-effective cover for all of our users – particularly those of our users who travel frequently and struggle to get affordable worldwide insurance.”

Robin von Hein, Founder and CEO of Simplesurance Group:
“We are proud to partner with Revolut and enable customers worldwide with this unique way of insuring their phones directly within the app. With our worldwide coverage we make the life of travelers more enjoyable by taking away financial fears of repairing a screen or buying a new phone.”