Digital only challenger bank Revolut will now enable users to insure their mobile phone for as little as £1.00 per week as the Fintech firm launches the first phase of its insurance offering. The key term here is first phase, of course, as Revolut’s push into Insurtech may foreshadow additional insurance options to its growing number of customers.
Revolut has partnered with Simplesurance to provide the option to its 850,000 users to insure their mobile phone against water, accidental and operational damage (including cracked screens) for devices up to six months old.
Nikolay Storonsky, Founder & CEO of Revolut, commented on the insurance offering;
“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.”
The process is described as taking 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.
The partnership by Simplesurance and Revolut says it will 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.
Revolut says the service should be particularly welcoming 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.
Robin von Hein, founder and CEO of Simplesurance Group, said they were proud to partner with the digital bank and to incorporate insurance directly in the Revolut 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.”
