Berlin-based challenger bank N26 enters the insurance space. It has announced the launch of a new on-demand insurance product, N26 Insurance. It will offer the option to purchase coverage, manage plans, and initiate claims for a range of insurance plans from different providers, straight from within the N26 app.
The new insurance offer will provide private liability insurance, home insurance, life insurance, pet insurance, and coverage for bikes, electronics, and other large purchases, which will be added to the digital bank’s offering across Europe in the coming months.
100 per cent digital experience in the insurance space
In partnership with Simplesurance, N26 Insurance claims to bring the same simplicity and ease to insurance that it has brought to its 100 per cent digital banking experience.
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Stalf, co-CEO at N26, says, “When it comes to insurance, customers today still have to contend with complex and outdated processes and paperwork. This space has long been ripe for disruption, and we are now offering a one-stop digital solution for our customer’s insurance needs.”
From Thursday, N26 customers in Germany will be able to purchase coverage, manage plans, and initiate claims for smartphone insurance to cover accidents and damage, including water damage and even theft of their device.
Besides, customers will be able to select plans with the option to purchase an annual cover or monthly plans starting at €6 a month, based on the original value of their smartphone.
On-demand insurance product
N26 claims that this insurance is the first of a series of planned product launches for its customers in Europe that will include home, life, travel, private liability, bike, electronics, and pet insurance over the coming months.
Reportedly, in a market with an annual volume of €1.31T, Europeans spend over €2,000 a person a year on insurance cover on average. N26 aims to radically simplify this important part of customers’ financial lives.
The new 100 per cent digital N26 Insurance plan promises a simple, clear, and transparent view of pricing, plans, and terms & conditions, to help customers choose plans from top insurers and bring a range of best-in-class options to market. N26 Insurance claims to help customers save time, effort, and money by allowing them to buy and pay only for what they need, on-demand and on the go.
N26: Digital and easy to use
Based out of Berlin, N26 was founded back in 2013 by Valentin Stalf and Maximilian Tayenthal. It is a digital bank for consumers and businesses.
N26 offers services such as deposit accounts, money transfers, bill payments, NFC-enabled debit cards for online/offline purchases, and cash withdrawal, among other services. It also offers tools for transaction monitoring.
With close to €800M in funding rounds, N26 currently has more than 7 million customers in 25 markets. It employs more than 1,500 employees across eight office locations, including Berlin, Barcelona, Madrid, Milan, Paris, Vienna, New York, and Sao Paulo.
Last year in November, the challenger bank had launched a premium subscription service called N26 Smart. The new monthly subscription combines a slew of premium features of the service and other benefits, including new functionalities to help users organise their finances.
Prior to that, in May 2020, N26 secured €92.3M in an extension of its Series D round of funding. Back then, the company was said to be one of the highest valued and most well-funded fintech companies globally – with a valuation of €3.23B.
In February 2020, N26 had to shut its UK operations and leave the market as a result of Brexit. Customers with a bank account in N26 had to cash out all of their money before the company closed on April 15th, 2020.