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Banking challenger Revolut moves into insurance

Revolut partners with Simplesurance on new mobile phone cover.

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The insurance tab has been listed as “coming soon” in Revolut's in-app marketplace for some time. This morning, the product has at last been turned on, coinciding with the release of the iPhone 8 and iPhone X.

The 850,000 users of the banking app will now be able to insure their mobile phones for as little as £1 per week, or £42 per year. Berlin-based Simplesurance, which itself boasts more than 300,000 customers worldwide, is the delivery partner, with Allianz Worldwide Partners acting as the underwriter. The product will cover users against water, accidental and operational damage (including cracked screens) for devices up to six months old. 

The process of applying for and managing the insurance product can be managed entirely online, through a seamless integration of the two technologies. Claims can also be made online, rounding out a fully digital experience. Revolut and Simplesurance are aiming to have phones repaired in under 48 hours, which they claim represents a significant improvement on the 2-3 weeks typically taken by incumbent providers.

“With 80 per cent 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,” said Nikolay Storonsky (pictured), founder and CEO of Revolut.

The banking app’s premium users – those who pay for the app – will be offered a 20 per cent discount on device insurance, with the flexibility to pay upfront or weekly.

Revolut suggests in a press release that the mobile phone cover is just the first step in a planned rollout of further insurance products.

The company has been busily building out its marketplace of third party products this year, and almost always does so via partnerships with other fintech providers. So far this year, Revolut has partnered with online mortgage broker Trussle, wealth management platform ETFmatic, property investment platform Bricklane and peer-to-peer lender Lending Works (on an integrated instant credit offering). 

Revolut raised $66m from institutional investors earlier this year to fund an aggressive global expansion plan, focused on Asia, North America and Europe. 

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