Unlike many other embedded insurance programs in Europe, this package goes a step further in covering Rewire’s migrant community by offering accident protection.
The Rewire-Qover collaboration brings the company’s vision of financial inclusion to life, enabling the FinTech to provide services that go beyond what traditional banks offer.
‘Our goal is to create a holistic migration package that caters to the unique cross-border financial needs of migrants — an underserved population that faces many bureaucratic challenges on their way to building a better, more financially secure future for themselves and their families,’ says Rewire Co-Founder and CEO Guy Kashtan. ‘Protecting our customers through accident insurance is a very significant step towards fulfilling the company’s vision.’
An outcome of this partnership is the new, built-in accident insurance, which covers Rewire customers with free plans in 18 countries across Europe. In addition to developing its holistic migration package approach and protecting its customers, Rewire sees accident insurance as a way to incentivise loyalty amongst its customers. The embedded solution covers remitters in case of accidental death and dismemberment, providing crucial security for the migrant and their family members who are dependent on their income.
‘As a migrant-centered company, we always look to our customers to understand their unique needs, and even their concerns, in order to provide proper solutions,’ says Rewire Co-Founder and CTO Saar Yahalom.
‘Once we knew that insurance would bring value to our community, we turned to Qover,’ Yahalom says. ‘Aligned with our vision of promoting financial inclusion, they were instrumental in helping us tailor the right solution to the unique needs of our audience.’
Rewire customers automatically benefit from the insurance, as long as they transfer at least €200 per calendar month with their Rewire account.
Submitting a claim is super simple: users can go to the Rewire website and fill out an online form in just a few minutes. Under the policy, the customer or beneficiary receives a one-time payment of up to €5,000 in the event of dismemberment, paralysis or accidental death.
Quentin Colmant, CEO and Co-founder of Qover, says, ‘From Qover’s earliest days, we envisioned a future where insurance was more accessible, and a positive experience for all. So we were immediately captivated by Rewire’s ambition to expand their offering and add even more value for migrants.’
By protecting the income of migrants in Europe and their families around the world, this partnership works toward including marginalised populations in our financial systems and therefore reducing inequalities worldwide.