Revolut has added another insurance product to its app that uses geolocation technology to provide instant medical and dental cover.
The app-based banking alternative entered the insurance market in 2017 offering mobile phone cover. Partnering with Thomas Cook Money, Revolut brings Pay-per-Day travel insurance to its customers, starting at less than £1 ($1.40) per day.
According to Revolut, its average customer spends 13 days abroad per year. Using Pay-per-Day this would cost the user £11.76 a year. Customers can choose between paying the small fee for Pay-per-Day when they travel or an annual fee at £30 which is notably less than what existing insurers offer on the market. RAC insurance and More Than charge £63.88 and £70.71 respectively per year.
Revolut stated that: “We’ve reinvented travel insurance so you can enjoy the best protection, without the expensive annual policies.”
Users can activate their travel insurance within the app in just a couple of taps and only pay when they go abroad. The Pay-per-Day travel insurance uses Revolut’s geolocation technology to pinpoint a customer’s location and will automatically activate the coverage when it is required and switch it off when they return home.
Pay-per-Day insurance policies will be underwritten in collaboration with Thomas Cook Money and issued under the company’s White Horse Insurance brand. This travel insurance will cover medical and dental care, access to an extensive network of medical centres across the globe. It can also be extended to include winter sports insurance and coverage for family and friends. The cost will depend on the location of the customer.
Nikolay Storonsky, CEO and founder of Revolut, stated: “We wanted to create a type of insurance that uses technology to help our customers and only cover you on the days you actually needed to be covered – all for the best price. Pay-per-Day travel insurance is a global first, and is another step in our journey to build a platform to offer a better kind of banking.”
Anth Mooney, CEO of Thomas Cook Money, added: “Partnering with innovative fintech and traveltech companies is an important part of our strategy. We want to help more people have better holidays by making sure everything to do with their holiday money is looked after at every step and improving the experience of buying travel insurance is an important part of that.”