Digital Bank N26 Gears Up to Offer Insurance Products

German digital bank and financial technology startup N26 is finally venturing into the insurance sector with the launch of its new N26 Insurance. According to Pymnts, the company will reportedly team up with Berlin-based Simplesurance to brings its products to its customers.

In a statement, chief executive officer and co-founder of N26 Valentin Stalf said, “When it comes to insurance, customers today still have to contend with complex and outdated processes and paperwork. The space has long been ripe for disruption and we are now offering a one-stop digital solution for our customer’s insurance needs.”

As part of its offerings, the company’s newest line will allow customers to purchase their desired coverage. In addition, the neo bank will also provide users access to controlling and managing plans, as well as making claims, from different insurers within the firm’s mobile application, notes AltFi.

Digital Bank N26 Insurance Products

Among its very first offerings on the market is a smartphone coverage plan for its German market, reports Tech Crunch. Prices for these plans vary depending on the user’s device, with the idea those who spent more on their device will most likely have a more expensive plan.

Of this plan, Tech Crunch states that while N26 takes on a freemium strategy, its phone coverage starts at €4.90 per month. Meanwhile, the most expensive offering from the digital bank challenger, N26 Metal, is valued at €16.90 per month. To let its users save, the company gives customers the option to go for annual plans instead.

Besides this, however, N26 is also working on a variety of insurance-based products, including home coverage, life coverage, pet insurance, private liability coverage, bike insurance, and electronics and large purchases insurance.

Given that the N26 mobile application already comes with customer information, signing up for coverage will be much easier compared to operating and creating a new account.

Following its launch, the startup will now compete against fellow German fintech firm GetSafe, notes AltFi.