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N26 moves into insurance market

N26 moves into insurance market

Berlin-based mobile bank N26 is moving into the insurance space, offering customers the option to purchase coverage, manage plans and initiate claims in-app for a range of insurance plans from different providers.

Operated in partnership with Insurtech firm Simpleinsurance, N26's German customers will be the first to be able to arrange smartphone insurance straight from the N26 mobile or desktop apps to cover accidents, damage, and theft of their device. Customers will be able to select plans straight from the app, with the option to purchase annual cover at a starting price of €6 per month.

The launch of the new on-demand smartphone insurance is the first of a series of planned product launches rolling out to N26 customers in Europe that will include home, life, travel, private liability, bike, electronics and pet insurance over the coming months.

Valentin Stalf, co-CEO at N26, says: “When it comes to insurance, customers today still have to contend with complex and outdated processes and paperwork. The space has long been ripe for disruption and we are now offering a one-stop digital solution for our customers insurance needs.”

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