Challenger bank N26 to offer insurance products
April 15, 2021 at 07:00
Fintech startup N26 is launching N26 Insurance as it plans to offer insurance products that you can access from the company’s mobile app and website.
The first insurance product is a smartphone insurance plan for German customers.
N26 says it is also working on private liability insurance, home insurance, life insurance, pet insurance and coverage for bikes, electronics and large purchases.
The idea is that you’ll be able to purchase coverage, manage your plans and initiate claims within the N26 app.
As N26 already has your personal information, it should be easier to sign up to a new insurance product through N26 compared to creating a new account in a separate app.
For instance, if you purchase a bike online, N26 could recommend a bike insurance product after your purchase.
As for phone insurance launching today, prices will vary depending on your phone.
If you spent a lot of money on your phone, your insurance plan is going to be more expensive.
Phone insurance also contributes to the freemium strategy of N26.
The most expensive plan, N26 Metal, costs €16.90 per month and includes phone insurance.
N26 started revamping its plans in November 2020 by introducing a new mid-tier plan called N26 You.
Offering new products in the app and pushing users toward paid subscriptions should definitely help N26 when it comes to profitability.