German challenger bank N26 has entered the insurance space, with customers now able to buy cover, manage plans and initiate claims.
Insurance plans from a range of providers are available through the N26 banking app.
The N26 Insurance service was created in partnership with Simplesurance, a European InsurTech software provider.
N26 claims its new service will bring “the same simplicity and ease to insurance that it has brought to its 100% digital banking experience.”
The service is currently available for customers in Germany and can take out insurance for their mobile device, protecting it from accidents and damage. This includes water damage and theft.
Its policies, which can be paid annually or monthly, start at €6 a month and is based on the smartphone’s original value.
N26co-CEO Valentin Stalf said, “When it comes to insurance, customers today still have to contend with complex and outdated processes and paperwork.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.”
This is the first in a list of planned insurance product launches from N26. The bank is hoping to offer home, life, travel, private liability, bike, electronics, and pet insurance in the coming months.
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