8.6 C
New York
Friday, May 7, 2021
Home Challanger banks N26 enters the insurance market

N26 enters the insurance market

N26  is partnering with Simplesurance and launched an “attack on the European insurance industry” and launches the first on-demand offer.

Customers in Germany can now get smartphone insurance directly in the N26 app (from 6 euros per month) and N26 informed that further offers are about to follow.

Read also: Monzo partnered with RAC to enhance its premium options

The purchase of coverage, the management of insurance plans and the reporting of a claim can be made through the N26 app.

As mentioned, the German challenger is working on other products including private liability insurance, home insurance, life, pet and bicycle coverage, electronic devices and more.

Valentin Stalf, Co-CEO of N26, said on the disruptive plans: “When it comes to insurance, customers today still have to contend with complex and outdated processes and paperwork. The space has long been ripe for disruption and we are now offering a one-stop digital solution for our customer’s insurance needs.”

“That is why we will offer all of our customers in Europe the opportunity to take out all important insurance digitally via the N26 app,” he added.

There is a potential for the new business area. According to N26, every European spends on average over 2,000 euros per year on insurance. Overall, the insurance market comes to an annual volume of 1.3 trillion euros, so a very promising field of activity for N26 and Simplesurance collab.

The proclaimed challenge to “attack the European insurance industry” suggests that N26 wants to do a lot of things very differently than traditional insurers do. 

Avatar
Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Bunq exceeds €1 billion in user deposits

Dutch neobank bunq hits the billion mark in deposits and is offering German account numbers for the first time.

Leaked Revolut blog post announces Bitcoin withdrawal option

Revolut mistakenly announced that premium customers will be able to transfer Bitcoin (BTC) from the platform to external wallets.

Starling becomes second most switched-to bank in UK

Starling Bank has the most switched-to digital-only bank and the second most switched-to bank in the final quarter of 2020.

Lunar acquires Swedish Lendify

Danish Lunar Group acquires the Swedish loan and savings platform Lendify to strengthen the private loan business.