Mobile bank N26 rolls out new on-demand insurance product

By Megha Bhattacharya

N26 today announced the launch of N26 Insurance in a bid to offer its customer the option to purchase coverage, manage plans and initiate claims for a range of insurance within the app. The mobile bank has partnered with Simplesurance, enabling customers to select plans straight from the app, with the option to purchase an annual cover or monthly plans with a flexible cancellation policy. Prices start at €6 a month, based on the original value of their smartphone.

Valentin Stalf, co-CEO at N26 said, “When it comes to insurance, customers today still have to contend with complex and outdated processes and paperwork.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.”

According to N26, the solution will be available for iOS customers in the N26 app at launch, and to all customers via the desktop app. The launch of the new on-demand smartphone insurance is the first of a series of planned product launches rolling out to N26 customers in Europe that will include home, life, travel, private liability, bike, electronics and pet insurance over the coming months.

Recently, N26 announced that its service CASH26 will be available in Greece, enabling customers to use 110 partner Bazaar stores as ATMs for cash withdrawal and deposit. The service aims to simplify the life of its customers, offering the possibility of depositing and withdrawing from grocery stores, directly from the supermarket checkouts. CASH26 is already active in Germany, Austria and Italy.

N26 stated that CASH26 is simple to use, for all N26 customers – it is sufficient to use the mobile app, through which they can find the closest partner store on the map. From there, the user can generate their own barcode, choosing the deposit or withdrawal option. Once the code has been obtained, the store checkout staff will scan it, and then carry out the withdrawal or deposit operation of the requested amount.