N26 launches new on-demand insurance product

Berlin-based online bank N26 is launching insurance policies for smartphones in partnership with simplesurance .

“When it comes to insurance, customers today still have to contend with complex and outdated processes and paperwork.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 customers insurance needs.” – Valentin Stalf, co-CEO at N26.

Starting today, N26 customers in Germany will be able to purchase coverage, manage plans and initiate claims for smartphone insurance straight from the N26 mobile or desktop apps to cover accidents and damage, including water damage and theft of their device. Customers will be able to select plans through the app, with the option to purchase annual cover or monthly plans with a ‘flexible’ cancellation policy. Prices start at €6 a month, based on the original value of their smartphone.

The launch of the new on-demand smartphone insurance is the first of a series of planned product launches rolling out to N26 customers in Europe that will include home, life, travel, private liability, bike, electronics and pet insurance over the coming months.