Discount up to -16% on car insurance! Catch this great offer until 15.10.2025. 👉 Buy online quickly and without overpayments.
ATTENTION! At 00:00 the MTIBU database will be updated. Please start concluding the contract after 00:00
Fintech startup Revolut continues to experiment with various financial offerings. At first, the company was only involved in currency transfers, later it launched multi-currency cards. Then it came to experiments with cryptocurrency. And now Cityam reports that the startup is entering the insurance market. At the same time, insurance plans will be calculated based on the user's geolocation.
The company is going to provide daily insurance for travelers. Its cost will start from 1 British pound per day. In the future, the price may increase depending on additional services, extended service and, most importantly, geolocation. The bank says that they have become the first to start studying the geolocation of a remote user when issuing him insurance.
The system is designed in such a way that it works only when the insured person goes on a trip. It monitors his geolocation and if it finds a person in another country, it automatically starts protecting him with insurance. The price depends on the country the traveler is in. A person can also take out annual insurance, which also provides for the automatic inclusion of foreign coverage if the application detects a border crossing. The creators say that this option will help travelers, especially those who do it often, save on insurance. In their opinion, this is how technology should work - first of all, allowing people to save.
The company continues to develop the fintech market. It promises that in the future there will be more and more smart products based on all kinds of information provided by modern gadgets. The startup already has a money transfer service that includes cryptocurrencies. Before that, Revolut entered the insurance business with its gadget insurance program. This is a feature of fintech startups of this format: they can deal with many areas at once, quickly implementing their plans. On the other hand, Revolut still does not have a banking license.
The threat from young financial startups has already been recognized by the Bank of England. According to its analysts, young startups can reduce the profits of British banks by £1 billion. And such small companies provide more and more opportunities: with them you can store money, transfer and invest. That is, do everything that traditional banks allow, but on more attractive terms. The largely related insurance business is also turning in this direction. Thus, Aviva, a British insurance company with a three-hundred-year history, is going to absorb fintech startups in an effort to transform its own business model and go online.
Source: Hightech
SC "SPARE" has been assigned a rating of uaA+
The volume of insurance revenues of SG "TAS" in January exceeded UAH 111 million
