By Aisling Finn on Friday 16 April 2021
The digital bank is rolling out insurance plans for smartphones first, with other policies, like home, life and pet insurance, coming in the next few months.
Looks like N26 is the latest digital challenger bank to build a one-stop-shop app for all its customers’ needs.
The German challenger bank has officially launched its first insurance product, aptly named N26 Insurance.
The bank’s new product will allow its users to purchase coverage, manage plans and initiate claims for a range of insurance products from different insurance providers for a range of needs all within the N26 app.
Initially only available to its German customers, N26 Insurance is being launched in partnership with Simplesurance, a leading European insurtech.
“When it comes to insurance, customers today still have to contend with complex and outdated processes and paperwork,” co-CEO and co-founder Valentin Stalf said.
“The space has long been ripe for disruption and we are now offering a one-stop digital solution for our customer’s insurance needs.”
At first, users will only be able to purchase smartphone insurance through the N26 app, with plans to expand into home, life, travel, private liability, bike, electronics and pet insurance in the coming months.
Prices will start at €6 per month depending on the make and model of their mobile phones and customers will be able to choose which plans suit them, from annual cover to monthly plans.
Currently, N26’s Metal customers have smartphone coverage built into their subscription plans, while both Metal and You subscribers have travel insurance built into their premium packages.
N26’s foray into the world of insurance will see it come up against some of the fastest-growing fintechs in Europe.
The digital bank will be coming head-to-head with fellow German fintech GetSafe, which recently launched in the UK following its homegrown success.
Another German native N26 will battle it out against is insurtech Clark. The German insurtech provides users with comprehensive insurance policies all from its app and, like its peers, has big expansion plans on the horizon thanks to a recent €69m funding round.