Neon launches new insurance coverage
Brazilian digital bank Neon Payments has launched a new insurance offering in partnership with BNP Paribas Cardif.
The new insurance product has two components – personal property protection and cash coverage. The property coverage covers personal items such as laptops, phones, wallets, watches, and more against theft. The cash coverage reimburses policyholders if they saw unauthorized transactions following theft of their mobile device, or if they had to make financial transactions following a threat.
Founded in 2016, Neon has ~15 million registered accounts and it secured a $300 million investment from BBVA last year.
The startup announced an exclusive partnership with BNP Paribas Cardif last year with the goal of introducing different insurance products.