British fintech company Revolut has announced a pay-per-day travel insurance for its customers, activated by geolocation technology. The new service, available through the main Revolut app for up to 40 days abroad, automatically detects when a customer is leaving or returning to their home country and turns their cover on or off
The service starts from as little as £1.00 ($1.28) per day and includes medical and dental insurance. And for those who travel frequently the company offers a fixed year policy for £30 ($38.30).
Why it’s hot
The many inefficiencies in the insurance sector (complicated products, unreasonably priced services, claims rejection) have given the industry a bad rep.
To earn people’s trust companies have to improve the customer experience and their products. The must show that they have people’s best interest in mind (and not just their own profit). We have seen a number of brands in the insurance sector who have been praised for taking steps in this direction.