Revolut partners with Thomas Cook Money to bring pay-per-day geolocation travel insurance
A fintech startup has launched a travel insurance product that taps into the customer's geolocation to provide instant cover.
Revolut's Pay-per-Day service leverages its app technology to determine the user's whereabouts, automatically turning on when required.
"This is a global first - Pay-per-Day travel insurance which leverages the power of your phone to save you money," CEO and founder Nikolay Storonsky said.
"We wanted to create a type of insurance that uses technology to help our customers and only cover you on the days you actually needed to be covered - all for the best price."
The app-based banking alternative also allows easy customisation of the product from the mobile phone i.e. to add people to the policy, include winter sports cover etc.
The medical and dental cover provided under the new service starts at less than €1 a day but frequent travellers have the option of placing a cap on their annual costs - or pay a fixed amount for the year.
Underwritten in partnership with Thomas Cook Money, the insurance policies will be issued under the White Horse Insurance brand.
CEO Anth Mooney said partnering with innovative fintech and traveltech companies is an important part of their strategy.
"You need strong alliances to start a revolution, and Revolut are making great strides in disrupting the traditional finance industry."
Last October, Revolut launched its initial insurance offering allowing users to protect their mobile phone worldwide for as little as €1 a week.
The firm collaborated with Simplesurance to allow its 50,000 Irish users to avail of the low-priced device cover.
Revolut has also recently introduced a host of additional features, including cryptocurrencies support, device insurance and credit.