German mobile bank expands into insurance
German mobile bank N26 said on June 26 that it is expanding its services and products to include insurance in its offering.
N26 will partner with German insurtech Clark to offer a digitised insurance service as it aims to become a one-stop app for all of its users’ financial needs.
The vision for this new offering to N26 customers is to create a central place for all insurance matters. Customers will have a digital overview of all their insurance policies including information on coverage, rates, payment frequency, start and end dates, the company claims.
N26 Insurance will also enable customers to initiate claims with just a few clicks. As the next step, N26 insurance will help users make smarter decisions by helping them to optimize their insurance plans and find an easier way to navigate through the wealth of offerings, according to a press release.
“Digitalisation in the insurance market is lagging behind. Customers are still facing offline structures and a lot of paperwork.” says Maximilian Tayenthal, founder and chief financial officer of N26.
“It is, therefore, a huge opportunity for N26 to address these customer issues by leveraging digital innovation to make Insurance more user-friendly.”
Christopher Oster, CEO of Clark, added: “This partnership is the next step in our plan to partner with financial institutions and make our robo-advisor available to their customers.”
“Our API-based integration will deliver a fully digital insurance experience and ensure that customers have the right insurance at the best price available.”
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