European challenger bank bunq has partnered with embedded insurer Companjon to provide its customers with access to digital insurance.
The deal sees Companjon offer its Extended Warranty and Purchase Protection product to bunq users. This policy is designed to cover the financial loss incurred for certain goods purchased by bunq Easy Green users.
bunq is focused on helping people with their green footprints. Its flagship subscription plan is Easy Green allows users to offset their carbon footprint in less than two years. It achieves this by planting a tree for every €100 spent on the card.
To increase the security and peace of mind, users will automatically be covered by this policy when purchasing certain goods using their bunq Metal Card.
Companjon CEO Matthias Naumann said, “We’re excited to partner with a de-facto innovator the likes of bunq and to enhance their users’ banking experience.
“Companjon’s embedded insurance solutions complement bunq’s product portfolio and strong market position and we’re looking forward to working together to bring value and peace of mind for end-customers.”
bunq founder and CEO Ali Niknam added, “In everything we do, we strive to make our users’ lives easy. By offering our Easy Green users added security when using their bunq card, we make sure they can focus on whatever’s important to them instead of money admin.”
Late last year, Companjon released a report that claimed the majority of travellers are demanding insurance embedded. It also found that the most popular products are, cancel for any reason (90%), luggage loss insurance (85%) and delay insurance (84%).
The InsurTech also recently partnered with neobank Novus to improve UK customer experiences with insurance. Their deal provides Novus customers with an end-to-end embedded insurance solution that monitors flight data and instantly pays compensation to a customer when there is a delay.
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