The banking app will use geolocation technology to provide instant travel insurance to users.
Fintech banking challenger Revolut has launched its latest product: pay-per-day travel insurance which uses geolocation to provide instant medical and dental cover. The service will start at less than £1 a day.
Once activated, Revolut will pinpoint a customer’s location and automatically turn on coverage when necessary. Users can customise their options in-app, and have the option to add winter sports cover. They can also include friends and family on their policy.
Thomas Cook Money, the rebooted financial services arm of the Thomas Cook Group, will underwrite the policies generated by the Revolut app. The policies themselves will be issued under Thomas Cook’s White Horse Insurance brand.
Frequent travellers will see a cap applied to their annual travel insurance costs to prevent them racking up large bills. Alternatively they have the option to pay a fixed amount for a standard annual travel insurance policy.
This is not Revolut’s first foray into insurance. The app launched mobile phone coverage in partnership with Simplesurance in September of last year. More generally, Revolut has been launching new products at a frenzied pace, often in partnership with other fintech firms. Its services already span insurance, wealth management and credit. In December, the company launched a cryptocurrency trading service.
The company’s research reveals that its average customer spends 13 days abroad per year, which would cost just £11.76 to insure under its new pay-per-day policy.
“We wanted to create a type of insurance that uses technology to help our customers and only cover you on the days you actually needed to be covered – all for the best price,” said Nikolay Storonsky (pictured), CEO and founder of Revolut. “Pay-per-day travel insurance is a global first, and is another step in our journey to build a platform to offer a better kind of banking.”