Fur-real? Revolut moves into pet insurance

Insurance is one of the new battlegrounds for digital banks, as they look to boost revenues by offering payment protection in areas including foreign travel, phones and even income.

Now, Revolut, with barely a paw-se for thought, has moved into pet insurance in the UK.

And the neobank has even appointed a canine chief pet officer, although it's unclear if one-year-old Shiba Inu named Sam will be giving media interviews.

Revolut's Pet insurance will initially offer protection for cats and dogs.

It says it will offer protection from vet costs and users will be offered round-the-clock free access to an online vet.

Revolut already offers various insurance products, including travel, purchase protection and ticket and missed event cover.

In a media release for the launch of its pet insurance, Revolut pointed to the rapid rise in pet ownership during Covid.

Chiraayu Sethi, product manager for Pet Insurance at Revolut, said: “We are delighted to take the first step into yet another business vertical, and launch Pet Insurance. 

"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."

Revolut's Pet Insurance will be offered as a monthly subscription in three plans: Bronze, Silver and Gold that it says offer up to £10,000 in annual vet fee cover. 

Instead of a fixed price, the monthly fee will depend on various factors such as age, breed, gender and location of the cat or dog. 

Specifically, it will offer protection from "high, unforeseeable" vet costs up to £10,000 per year, per pet; free 24/7 access to an online vet and immediate help with non-emergency questions about pet health; medical care when abroad; and dental accidental injury cover.

Monzo and Monese are amongst neobanks that offer insurance products.