Revolut, the app-based banking alternative, has today announced the launch of its Pay-per-Day travel insurance service, a groundbreaking product which uses a customer’s geolocation to provide instant medical and dental cover, starting at less than £1 per day.
Revolut’s Pay-per-Day travel insurance leverages Revolut’s app technology to pinpoint a customer's location and automatically turns on coverage when it’s needed. Users can customise their insurance easily from their phone while on the move, with the option of adding winter sports cover as well as including friends and family on their policy.
The average Revolut customer spends 13 days abroad per year, which will cost a Revolut Pay-per-Day user £11.76 a year - significantly less than existing insurers offer. Policyholders can also make adjustments to their coverage, such as adding winter sports cover, after they have landed for their holiday.
To avoid frequent travellers racking up large insurance bills, there will be a cap on the total costs per year or the option to pay a fixed amount for a standard annual travel insurance policy.
The insurance policies will be underwritten in partnership with Thomas Cook Money, the re-booted financial services arm of the Thomas Cook Group. Policies will be issued under their White Horse Insurance brand.
Pay-per-Day travel insurance will sit alongside Revolut’s new device insurance as the banking challenger builds out its suite of smart insurance products, with further cutting edge developments expected to be revealed in the coming months.
Aside from insurance, Revolut has recently introduced a host of additional features, including cryptocurrencies support, device insurance and credit. The latest product additions are another step from Revolut towards expanding its financial service offering through partnering with innovative fintech firms.
Revolut, launched two years ago, allows customers to set up a current account in 60 seconds, exchange currencies at the interbank exchange rate, transfer in 25 currencies to any bank in the world, and spend fee-free in 130 currencies with a contactless MasterCard.
Nikolay Storonsky, CEO and Founder of Revolut said: “This is a global first - Pay-per-Day travel insurance which leverages the power of your phone to save you money. 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 said: “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. You need strong alliances to start a revolution, and Revolut are making great strides in disrupting the traditional finance industry – we’re proud to be a partner and friend to Revolut, who share our simple vision of making things much better for customers.”