N26 and Allianz expand insurance coverage for consumers; adds epidemic and pandemic related claims

By Megha Bhattacharya

Berlin-based digital bank N26 has expanded its Allianz Assistance travel insurance included with N26 You, N26 Business You, N26 Metal, and N26 Business Metal to cover epidemic and pandemic related claims. The company stated that trips starting on 19th January or later will cover cancellations as well as emergency hospitalisation or medical treatment abroad, repatriation assistance and cancelled/interrupted trips.

“Recent N26 research told us that 1 in 3 Europeans (35%) report having to cancel planned travel because of COVID-19 and had to pay out-of-pocket for unexpected changes to their plans. Because of this, we have worked to accelerate this addition to the existing Allianz Assistance travel insurance coverage we offer so that customers who have to travel can do so with added peace of mind, knowing the cover offered takes into consideration the unique situation we find ourselves in today,” said Alex Weber, Chief Growth Officer of N26.

N26 has also introduced new features and initiatives along with the travel insurance expansion. These include the launch of instant banking service, which allowed new customers to begin using their accounts immediately through their digital wallets. It will also allow them to switch to branchless banking immediately without having to wait for their physical card or worry about postal service interruptions during the lockdown. The company also boosted its efforts on cybersecurity education with the launch of the Secure Online Banking consumer guide.

Recently, the FinTech announced the launch of its latest premium subscription, N26 Smart. The new subscription is expected to provide customers with access to the FinTech’s money management features for €4.90 a month. The new monthly subscription is expected to combine the FinTech’s premium features and benefits with new functionalities. The model will comprise phone support in addition to in-app support chat, access to up to ten sub-accounts ‘Spaces’, access to new Round-Ups feature, up to 5 free ATM withdrawals a month and a choice of five different colours of their N26 Smart Mastercard (Aqua, Rhubarb, Sand, Slate and Ocean).