🦄 Chime plans to expand insurance offering

Chime, the digital banking startup that was recently valued at over $25.5 billion, wants to expand its insurance offerings.

Today, the San Francisco-based startup features a variety of insurance companies through its app and website including Insurify, Haven Life, Lemonade, Wagmo, and others. Once users click on a specific company to get a quote, they are redirected to its website and Chime gets an advertising fee.

Now, Chime is looking to build its own insurance offerings “from the ground up” with the goal of helping users increase their coverage and save money. To do so, the startup is hiring a product manager who will lead the ideation, technical development, and launch of “highly differentiated products and features” in the insurance space.

According to the job ad, Chime will work closely with the various current and prospective partners across the insurance ecosystem to bring this new offering to life.

“Chime’s mission is to deliver financial peace of mind to the millions of everyday Americans who live paycheck to paycheck. As part of this mission, we want to help members protect their loved ones and their valuables through affordable access to insurance. Today, insurance is a top concern for our members and the second biggest monthly expense after rent – and most are either overpaying or have inadequate coverage.” – Chime.

Bottom Line: Chime has over 10 million users.