Neobank Revolut is partnering with Belgian insurtech startup Qover to provide an embedded insurance solution to subscribed account holders. The announcement comes just after Revolut shook up its subscription plans, adding in a mid-tier option, ‘Plus’.
The new digital insurance option is fully integrated into the banking app, giving users real-time access to three products available for ‘Plus’, ‘Premium’ and ‘Metal’ accounts at no additional cost. Users can browse the insurance policy (summary, details and legal documents) as well as report, track and monitor their claims. “Revolut needed a partner capable of keeping up to speed and providing a fully digital, pan-European solution. Thanks to our unique Open API infrastructure, we were able to create three new insurance products in 33 countries in record time,” said Quentin Colmant, Qover’s CEO and co-founder. Qover offers such embedded insurance products to other fast-growing European enterprises, too, including Wolt (which introduced the insurtech business to the Nordics), Deliveroo, Decathlon and Cowboy. Both APIs and white labelling services can help customers complete the integration. The Brussels-based company’s most recent funding was an €8 million round in summer 2019.