As mentioned in the update, the stand-alone product aims to reinforce Revolut’s existing insurance product offering including travel insurance, purchase protection, and ticket- and missed event cover.
Pet insurance is considered to be Revolut’s entrance into the Insurtech sector, and is the firm’s first of many future standalone Insurtech products, according to a release.
Insurtech has emerged as one of the fastest-growing business sectors in the world, and Revolut aims “to become one of the leading insurtech players.”
As noted in the announcement, the “COVID-effect” on pet ownership means that the pet insurance market in the United Kingdom and in Europe is set to expand rapidly due to the increased number of people who decided to became pet owners during the pandemic.
With Pet Insurance, Revolut aims to help pet-owning clients maintain their furry friends’ health.
At first, pet insurance will be available to UK clients and will apply to cats and dogs only. The insurance “offers protection from high and unforeseeable vet costs, and provides 24/7 free access to an online vet,” the update explained.
Chiraayu Sethi, Product Manager for Pet Insurance at Revolut said:
“The goal with our financial superapp is to offer one place for all things money to all customers everywhere. The Revolut ecosystem with our Retail and Business accounts includes fully integrated products with superior user experience, for all our customers’ financial needs in life.”
“We are delighted to take the first step into yet another vertical, and launch our first standalone insurtech product. Insurtech is a fast growing sector, and Revolut aims to become one of the world’s leading insurtech players. We have listened to the feedback from over 150,000 customers on our platform, and we are looking forward to welcoming their pets as customers.”
The in-app pet profile allows the client to manage everything related to the insurance in a single place, like reviewing policy documents, making a claim, and accessing vet support.
Revolut Pet Insurance is reportedly “a monthly subscription available in three plans, Bronze, Silver and Gold that offer up to £10,000 in annual vet fee cover.”
The plans are “not price fixed, instead the monthly fee will depend on various factors such as age, breed, gender and location of the cat or dog.” Customers can “get a Pet Insurance quote and purchase it in the Revolut app,” the update noted.
Revolut’s Pet Insurance includes the following:
- Protection from high, unforeseeable vet costs up to £10,000 per year, per pet
24/7 free access to an online vet with FirstVet. Free for immediate help with non-emergency questions about the pet’s health
- Medical care when abroad
- Dental accidental injury cover
- Coverage and limits vary by plan level. Full insurance description and terms and conditions can be found at revolut.com.