Embedded insurance supporting Revolut clients in their everyday life

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The client

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

in brief

12M+

Personal customers

$917M

Total funding amount

35+

Countries supported

30+

In-app currencies

The challenge

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

As the industry is becoming increasingly mature, FinTechs must implement new strategies to remain competitive, especially in the current context. Driven by the pandemic, consumers' expectations and needs are being pushed deeper into the digital realm, and 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, and this process is being accelerated at the moment. The challenges they face are daunting: 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 to approach this strategic subject globally and build an environment that will stimulate users to adopt new consumer behaviours. Yet, it is common to witness key FinTech players offer insurance products that bring poor added value to its users.

The solution & results

It was in the context of a complete overhaul of its plans that Revolut turned to Qover. In order to provide the best user experience for their customers, the neobank was looking for a partner capable of offering innovative insurance solutions across 33 European countries, through one single technical integration. An impossible mission for a traditional insurance company, an exciting and natural project for Qover!

In the call for tenders, the particularly innovative nature of the solutions offered by the InsurTech and its ability to meet the needs of a growing FinTech tipped the scales in favour of Qover. Sharing a hi-tech and disruptive DNA, Qover has developed an expertise and understanding of the key drivers that can unlock value for neobanks and other high-growing businesses.

The 'Insurance' section in the Revolut App

From the outset, the vision of the project was very clear: insurance must support Revolut's customers in their everyday life, be easy to access and user-friendly. And it's mission accomplished!

On this basis, the Qover and Revolut teams have worked together to identify and develop customized insurance products and a seamless user experience. Every detail of the flow has been meticulously imagined, designed and developed to meet the needs of increasingly digital customers. What’s more, Qover’s flexible packages offer the security and flexibility Revolut users need in a changing 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
- Co-founder & CEO of Revolut
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 33 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.