Revolut enters a new insurance market
In 2020, we reported that fintech startup Revolut is hiring a VP of Insurance that will help create and run an insurtech business that will provide insurance solutions to retail and business users across the globe.
The startup, which already offers travel insurance and device protection in some countries, is looking to offer a range of insurance solutions such as P&C and life, and now it has introduced a new product – pet insurance.
Available for customers in the UK with plans to launch in other countries “soon,” Revolut’s pet insurance comes in three tiers – bronze, silver or gold. Annual coverage is up to £10,000 and plans come with free 24/7 video calls with vets. Policyholders can manage everything through the app – from viewing policy documents to making a claim.
Coverage is underwritten by ERGO.
“We are delighted to take the first step into yet another vertical, and launch our first standalone insurtech product. Insurtech is a fast growing sector, and Revolut aims to become one of the world’s leading insurtech players.” – Chiraayu Sethi, product manager, pet insurance, Revolut.