Embedded insurance supporting Revolut clients in their everyday lives

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The client

Revolut is a major player in the FinTech sector. Valued at $5.5 billion, it’s Europe's most successful neobank and among the top 3 most important players worldwide. Revolut is on a mission to build the first truly global financial superapp.

in brief

15M+

Personal customers

$917M

Total funding

35+

Countries supported

30+

In-app currencies

The challenge

FinTech companies have seen explosive growth over the past decade, attracting millions of users who benefit from innovative financial services. Tailored to new uses and customer needs, the solutions proposed by FinTechs such as Revolut are positioned as real alternatives to traditional banking services, offering users unique functionalities and flexibility.

As the industry becomes increasingly mature, FinTechs must implement new strategies to remain competitive, especially in the current landscape. Driven by the pandemic, consumer expectations and needs are being pushed deeper into the digital realm – faster than ever before – opening up huge opportunities for FinTechs to position their products and services on the market. 

© Revolut

FinTechs must constantly reinvent themselves amid daunting challenges: attracting new customers, converting free user bases into paid plans, boosting transactions and generating additional revenue, all while completing their innovation cycles.

Embedded insurance has a major role to play in expanding revenue engines and customer acquisition strategies. The key is approaching this strategic subject globally and building an environment that will stimulate users to adopt new consumer behaviours. Yet, we often see key FinTech players offering insurance products that bring poor added value to their users.

The solution & results

As Revolut set out to completely overhaul its plans, it turned to us at Qover. In order to provide the best user experience for its customers, the neobank wanted a partner who was capable of offering innovative insurance solutions across 32 European countries through a single technical integration – an impossible mission for a traditional insurance company, but an exciting, natural project for Qover!

During the call for tenders, Qover's particularly unique solutions, along with its ability to meet the needs of a growing FinTech tipped the scales in our favour. Sharing a high-tech, disruptive DNA with Revolut, Qover has developed an expertise and understanding of the key drivers that can unlock value for neobanks and other high-growth businesses.

The 'Insurance' section on the Revolut app.

From the outset, the vision of the project was crystal clear: insurance must support Revolut's customers in their everyday lives, and be easy to access and user-friendly.

Qover and Revolut worked together to identify and develop customised insurance products with a seamless user experience. Each detail in the flow has been meticulously designed and developed to meet the needs of increasingly digital customers. What's more, Qover’s flexible packages offer the security and flexibility that Revolut users need in an evolving world.

The Revolut-Qover partnership is a powerful combination. Qover’s understanding of the complex needs of a full-growth FinTech, its deep insurance and technology expertise, and its agile and collaborative approach are uniquely complementary to how we work at Revolut. Qover is one of the only players capable of providing us with a global solution.

Nikolai Storonsky
- Revolut Co-founder & CEO
Digital native
Fully digitalised open API solution tailored to the needs of Revolut's target groups
Seamless experience
Nothing is left to chance, centralised solution in the Revolut app
Active in 32 countries
Insurance products available all over Europe

The insurance solution is fully integrated into the banking app allowing users to access the 3 new insurance products in real-time from ‘Plus’, ‘Premium’ and ‘Metal’ accounts.

From the 'Insurance' tab, Revolut clients can browse their insurance policy including the summary, details and legal documents. Furthermore, the Qover team has put in place technology enabling Revolut customers to report, track and control claims directly in the app. A push notification system allows users to be informed at every stage of the claims process.

'Qover is the only player capable of meeting such needs in terms of technical requirements, coverage capacity, speed and quality of execution. Thanks to our fully digitalised insurance infrastructure, we are meeting the needs of the bank of tomorrow,' explained Quentin Colmant, CEO and Co-founder of Qover.

By integrating insurance products into its strategy, Revolut creates value for their customers and their business. Available in 33 countries in Europe, this insurance solution has the potential to benefit millions of users.

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