N26 Aims to Disrupt Insurance Category with New On-demand Insurance Product

N26, The Mobile Bank, today announced the launch of N26 Insurance, which will offer the digital bank’s customers the option to purchase coverage, manage plans and initiate claims for a range of insurance plans from different providers for every life need, straight from within the N26 app. Executed in partnership with Simplesurance, one of the leading InsurTech players in Europe, N26 Insurance will bring the same simplicity and ease to insurance that it has brought to its 100% digital banking experience, helping customers live and spend with confidence.

Valentin Stalf, co-CEO at N26: “When it comes to insurance, customers today still have to contend with complex and outdated processes and paperwork.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

Starting today, N26 customers in Germany will be able to purchase coverage, manage plans and initiate claims for smartphone insurance straight from the N26 mobile or desktop apps to cover accidents and damage, including water damage and even theft of their device. Customers will be able to select plans straight from the app, with the option to purchase annual cover or monthly plans with a flexible cancellation policy. Prices start at €6 a month, based on the original value of their smartphone.

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, giving N26 customers a way to easily select, manage, and pay for insurance products in a seamless, all-in-one-app experience with N26. In a market with an annual volume of €1.31 trillion, Europeans spend over €2,000 a person a year on insurance cover on average N26 aims to radically simplify this important part of customers’ financial lives, empowering them to live more confidently.

The new fully-digital N26 Insurance promises the same simple, clear and transparent view of pricing, plans and terms and conditions that is central to N26’s banking experience, presenting customers with a choice of plans from top insurers and bringing a range of best-in-class options to market. N26 Insurance is insurance made easy, helping customers save time, effort and money by allowing them to buy and pay only for what they need, on-demand, and on-the-go – all with just a few taps.

More information on the new N26 smartphone insurance is available here.