Introducing Revolut’s Geolocation Travel Insurance
London-based banking alternative Revolut announced the launch of Pay-per-Day Travel Insurance with geolocation technology . Refresher: Revolut is a London-based mobile first company for banking (and insurance) services that has raised over $86M since its inception in 2015. As it stands, it employs over 200 folks, according to LinkedIn.
Product pricing starts at £1.00 or €1.00 per day (policies come with a price cap) for worldwide medical and dental coverage. More importantly, a policyholder will only pay for the days that he/she were away. In other words, Revolut’s smart geolocation tech can automatically detect when one leaves and returns to their home country and turn coverage on or off. Coverage is underwritten by White Horse Insurance Ireland, a subsidiary of Thomas Cook Group offering non-life insurance products.
Also, the Revolut app allows insureds to tailor coverage e.g. extend policy to include friends or family, and add coverage for winter sports such as skiing or snowboarding. Bottom Line: a ‘product-market-fit’ given that on average, a Revolut user spends 13 days abroad per year. That being said, Revolut also offers annual policies for a fixed cost of £30 per year.
PS. Did you know that Revolut offers a support chatbot called Rita? “Rita can instantly help you with any questions you have about our product. Want to know if you can use your card in Korea? Or how long it will take for your transfer to arrive at its destination? Just ask Rita. She’ll even tell you the live market exchange rate.”
PPS. This too is Revolut:
— Revolut (@RevolutApp) January 17, 2018