Rewire partners with Qover and AIG

Rewire, the fintech startup offering international money transfer services to migrants working abroad, has partnered with Qover and AIG to introduce a new insurance coverage for users.

From now on every Rewire user that transfers a minimum of €200 per month using the platform is eligible for up to €5,000 in coverage in cases of accidental death, dismemberment, or paralysis. The coverage continues as long as the user transfers at least €200 per calendar month with their Rewire account.

Rewire has taken out a group policy to offer this coverage at no cost to users. It is available in Belgium, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Slovakia, Slovenia, and Spain.

This isn’t the only insurance product Rewire offers – it works with Igloo to give users family protection coverage in the Philippines. Coverage is offered by Sompo.

“Our goal is to create a holistic migration package that caters to the unique cross-border financial needs of migrants – an underserved population that faces many bureaucratic challenges on their way to building a better, more financially secure future for themselves and their families. Protecting our customers through accident insurance is a very significant step towards fulfilling the company’s vision” – Rewire co-founder and CEO Guy Kashtan.

“From Qover’s earliest days, we envisioned a future where insurance was more accessible, and a positive experience for all. So we were immediately captivated by Rewire’s ambition to expand their offering and add even more value for migrants.” – Quentin Colmant, CEO and Co-founder of Qover.

Bottom Line: In 2020, AXA and Western Union introduced a similar (but not free) coverage.