Revolut has expanded its market presence after entering the InsurTech market through the launch of a pet insurance product.
According to Revolut, while the pet product reinforces its existing insurance offering, it also marks an entrance into InsurTech, with more standalone products on the horizon.
The pet insurance solution – which will initially be available in the UK – allows users to manage everything related to the pet insurance in one place, including making a claim, viewing policy documents and accessing vet support.
Customers who use this solution will be able to pick a monthly subscription that is available in bronze, silver and gold plans, that offer up to £10,000 in annual vet fee cover. The plans are not price fixed and the cost will depend on factors such as age, gender, breed and location.
Revolut product manager for pet insurance Chiraayu Sethi said, “We are delighted to take the first step into yet another vertical and launch our first standalone InsurTech product. InsurTech is a fast-growing sector, and Revolut aims to become one of the world’s leading InsurTech players.”
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