Revolut and Qover have announced their second collaboration, focusing on providing embedded insurance for a new trip and event cancellation cover.
This product, exclusively crafted for Revolut Ultra plan users, is designed to be underwritten by prominent European insurer, Wakam.
The purpose of this partnership is to offer customers the flexibility to cancel their plans for a broad spectrum of reasons. The newly introduced cancellation for any cause insurance is a novel approach in the market that caters to 100% of cancellation fees for specific reasons, detailed in the terms and conditions, and up to 70% without a particular reason.
Established in 2016 by Quentin Colmant and Jean-Charles Velge, Qover is a key player in the InsurTech space, boasting a modular platform that addresses a wide array of modern consumer needs. With a focus on delivering hyperconnected experiences, Qover’s single API integration allows for a seamless operation across Europe.
Revolut, on the other hand, is a renowned financial super app with a broad global reach encompassing more than 30 million retail customers. The new cancellation cover, available in over 30 countries in the European Economic Area, offers robust cancellation coverage for a wide array of scenarios. Notably, this includes a swift claims process with minimum paperwork required from the user.
As part of this plan, Qover promises a 24-hour claims payment guarantee, ensuring that eligible and complete claims are processed and paid out within a day. “The embedded insurance cover offered as part of the Revolut Ultra plan is a game-changer,” Revolut’s General Manager of Insurance, Balazs Gati, commented, “This innovative offering brings peace of mind to our Ultra users when booking their holidays.”
Echoing this sentiment, Quentin Colmant, CEO and Co-founder of Qover, noted, “We are excited to partner with Revolut and help bring incredible value to their users. Our emphasis on customer experience means that we can process claims quickly and easily, making this new offering a valuable service for all.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
