The mobile bank N26 has announced its entry into the insurance business with the launch of N26 Seguros, which will offer the entity’s clients the possibility of contracting coverage, managing their plans and initiating claims for insurance from different providers directly from its app .
N26 customers in Spain will be able to contract coverage, manage their plans and initiate insurance claims for their smartphones directly from the app or the web platform, covering accidents, damages, and even the theft of the device. They will be able to choose the plans directly from the app, with the option of contracting an annual policy or monthly plans with a flexible cancellation policy.
Insurance prices, starting at six euros a month, vary depending on the original price of the device and the customer pays only for what he needs, the entity explained.
N26 wants to transfer the “transparency and simplicity” of its mobile banking experience to insurance, hand in hand with Simplesurance, one of the main players in the ‘insurtech’ sector in Europe.
N26 co-CEO Valentin Stalf explained that clients have to deal with “complex and outdated” paperwork and processes when it comes to insurance. “The world of insurance has long been prepared for a disruptive change and now we offer a comprehensive digital solution to meet the needs of our clients,” he highlighted.