Simplesurance Enables ‘Challenger Bank’ Revolut to Offer Phone Insurance
— Revolut (@RevolutApp) September 27, 2017
On the subject of ‘why not sell insurance while you’re at it’,…insurance cross-selling platform Simplesurance has collaborated with Revolut to allow the London-based ‘challenger bank’ to offer phone insurance.
As of today, and somewhat coinciding with the release of the iPhone 8 and iPhone X, Revolut’s 850K users can insure their phones for as little as £1 per week via the company’s banking app. Coverage is underwritten by Allianz Worldwide Partners and will provide coverage against water, accidental and operational damage (including cracked screens) for devices up to six months old.
In his words.
“With 80% of our users owning a high end mobile phone and 1/3 of them admitting to breaking their screens within the first year of buying their phone, we wanted to provide secure and cost-effective cover for all of our users – particularly those of our users who travel frequently and struggle to get affordable worldwide insurance” – founder and CEO of Revolut, Nikolay Storonsky.
The news follows the company’s $66M Series B round, announced earlier this summer, followed by a $5.3M equity crowdfunding. All in all, Revolut raised over $86M since its inception in 2015.
Recall: Berlin-based Simplesurance was established in 2012 by 4 guys on a mission. It now employs close to 100 employees and considers APIs its sweet spot. Also, it has raised $33M since inception from several investors including…Allianz.
Bottom Line: in the intersection of fintech and insurtech .