N26 enters the insurance market

N26  is partnering with Simplesurance and launched an “attack on the European insurance industry” and launches the first on-demand offer.

Customers in Germany can now get smartphone insurance directly in the N26 app (from 6 euros per month) and N26 informed that further offers are about to follow.

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The purchase of coverage, the management of insurance plans and the reporting of a claim can be made through the N26 app.

As mentioned, the German challenger is working on other products including private liability insurance, home insurance, life, pet and bicycle coverage, electronic devices and more.

Valentin Stalf, Co-CEO of N26, said on the disruptive plans: “When it comes to insurance, customers today still have to contend with complex and outdated processes and paperwork.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 customer’s insurance needs.”

“That is why we will offer all of our customers in Europe the opportunity to take out all important insurance digitally via the N26 app,” he added.

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There is a potential for the new business area. According to N26, every European spends on average over 2,000 euros per year on insurance. Overall, the insurance market comes to an annual volume of 1.3 trillion euros, so a very promising field of activity for N26 and Simplesurance collab.

The proclaimed challenge to “attack the European insurance industry” suggests that N26 wants to do a lot of things very differently than traditional insurers do.