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World | Fintech

N26 to launch insurance service

Martin Greenland | 7:27 Friday 7th July 2017

Mobile bank N26 has confirmed that it will be releasing a beta version of N26 Insurance at the end of July to all existing users in Germany.

Over the past 12 months, N26 has introduced investment, credit and saving options to its mobile app.

The vision for N26 Insurance is to create a central place for insurances matters.

This will give the user a digital overview of their insurance policies, including coverage details as well as start and end dates.

Instead of hundreds of pages of insurance documents, all the important information will be on one screen.

“Digitalisation in the insurance market is lagging behind,” said Maximilian Tayenthal, founder and CFO of N26.

“Customers are still facing offline structures and a lot of paperwork.

“It is, therefore, a huge opportunity for N26 to address these customer issues by leveraging digital innovation to make insurance more user-friendly.”

N26 has chosen to team up with the German digital insurance broker Clark to deliver the proposed product for all N26 account users.

Clark has recently developed an innovative robo-adviser solution that analyses the user’s existing insurance contracts and offers optimisations.

The robo-adviser analyses the rates of more than 160 insurance companies, offering the user complete transparency about their own plans and alternative plans.

“This partnership is the next step in our plan to partner with financial institutions and make our robo-adviser available to their customers,” added Dr Christopher Oster, CEO of Clark.

“Our API-based integration will deliver a fully digital insurance experience and ensure that customers have the right insurance at the best price available.”

N26 aims to enable users to initiate claims with just a few clicks.

The next step will be to help users to make smarter decisions by assisting them in optimising their insurance plans before finding an easier way to navigate through the many options.

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