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How embedded insurance is changing the face of regulation & compliance
Thursday 25 May
1:00 PM CEST
When Qover started working with Revolut in 2022, the company was already a fast-growing neobank reshaping the financial landscape. Known for its bold product vision and rapid customer growth, Revolut was at a pivotal point: moving from a challenger brand to becoming Europe’s leading neobank.
As the company scaled, so did the complexity of keeping its millions of customers engaged. Fintechs face constant pressure to grow revenue streams, strengthen loyalty and differentiate themselves in an increasingly crowded market. For Revolut, this meant turning its ambition of a global financial super app into reality – expanding beyond payments and banking into services that bring everyday value to users.
Insurance became part of that story. By embedding protection directly into its subscription plans, Revolut saw an opportunity to deliver peace of mind as well as financial convenience. But to truly match the pace of its growth, insurance had to be global, digital-first and seamless, not an afterthought with clunky claims and poor user value.
This is where Qover came in: to help ensure insurance could keep up with Revolut’s evolution and become a powerful lever in its long-term growth strategy.
When Revolut set out to completely overhaul its subscription plans, it turned to Qover to build a seamless insurance experience for its customers.
From the start, the ambition was clear: insurance should support Revolut’s customers in their everyday lives – while being digital, accessible and easy to use. For Revolut, this meant a partner capable of delivering innovative insurance solutions across multiple European countries through a single technical integration. An impossible task for a traditional insurer, but a natural fit for Qover’s orchestration platform.
Working closely with Revolut, we developed customised products that offer security and flexibility to users while boosting acquisition and retention. The cover is fully integrated into Revolut’s accounts – so users with Plus, Premium and Metal plans automatically benefit from purchase protection, refund protection and ticket cancellation. Ultra plan users go one step further, with ‘cancel for any reason’ protection.
Embedding insurance into user plans means that subscribers are automatically protected, acting as a powerful incentive for customers to use their Revolut accounts more often. Users can learn more about their coverage and file claims in their Revolut app.
To make this possible, Qover brought together the right risk carriers for each line of business: Chubb for the everyday protection products, and later Wakam for ‘cancel for any reason’. Our platform orchestrates these programs across carriers and countries, handling policy development, translations, UX and claim handling so Revolut can focus on scaling.
As Balázs Gáti, former Global Head of Insurance at Revolut, put it: Qover provided ‘agile ways of working – moving fast, designing flexible solutions, orchestrating between multiple carriers and bringing pan-European solutions to life.’
Embedding insurance into Revolut’s plans has created clear value for both customers and the business. Protection incentivises customers to use their Revolut card more often, driving engagement and helping Revolut position itself as users’ primary bank.
Over the years, the partnership has continued to expand and mature as both parties listen to user feedback, monitor results and prioritise innovation.
In 2022, Qover insourced claims handling through its multilingual care team, making the process faster and more transparent for users.
The following year, the collaboration grew further with the launch of cancel for any reason cover on Revolut’s new top-tier Ultra plan – strengthening their subscription model and giving customers even greater flexibility.
Most recently, Qover introduced automated claims features that cut average processing times by 75%, making payouts quicker and smoother than ever.
These improvements not only enhanced the customer experience but also reduced operational friction for Revolut. As Balázs put it: ‘This relationship has cut our insurance build from more than three months to just six weeks… and contributes directly to the revenue growth from subscriptions.’
The impact is clear: today, Revolut is Europe’s #1 neobank, and insurance has scaled alongside it – evolving from a differentiating feature into a core driver of user value and loyalty.
