A new travel insurance app turns itself on and off automatically based on the user’s location
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One of the hassles of travel, especially for those who travel a lot, is finding and organizing affordable travel insurance every time you go. A British fintech company Revolut has come up with a way to save travellers time and money on travel insurance. Revolut already offers a variety of financial services, including insurance for electronic devices, a type of prepaid MasterCard with a foreign exchange feature, and in-app cryptocurrency trading. Now, they are launching an international travel insurance app that can turn itself on and off automatically, using the location data in your mobile device. Users can set up the service and forget about it, as they will be charged only for days when they are actually abroad.
Starting at GPB 1.00 per day, users of Revolut’s new insurance service allows users to add options such as winter sports coverage and protection for friends and family. For those who may spend weeks or months abroad, Revolut will also cap the coverage costs after a certain amount of time. Users can also decide to pay a fixed upfront cost for an annual policy. Revolut’s insurance option works in a similar way apps like Uber and Airbnb in that they are not underwriting the insurance themselves. Instead, they are working with third-party insurance company Thomas Cook Money.
With the addition of travel insurance, Revolut is working towards building an insurance hub to allow users to control all their insurance needs from a single app, supplying the digital architecture that makes it easier for people to access and use insurance designed around their individual needs. We have seen similar types of fintech innovations in mobile wallet services and social media apps that streamline bill paying. What other fintech products could be developed to provide a more individualised service?