Insurance Innovation of the Month: Revolut Pay-per-Day Travel Insurance

Innovation of the month

19 February 2018

Efma Accenture’s Insurance Innovation of the Month Award for February goes to Revolut for its Pay-per-Day Travel Insurance which uses powerful geolocation technology.

Feeling that traditional travel insurance is old, inflexible and hard to use, Revolut is disrupting the market with a new solution.

From as little as £1.00 or €1.00 per day, users of Revolut’s Pay-per-Day Travel Insurance will be covered worldwide for medical and dental attention. What’s unique is that they only have to pay for the days that they are actually away. Revolut’s smart geolocation technology can automatically detect when the customer leaves and returns home, turning the cover on or off accordingly.

Using the Revolut app, customers can easily tailor their insurance policy to suit their individual needs, even if they are already on the move. For example, they can extend their policy to include friends or family, or add cover for winter sports such as skiing or snowboarding, all at the tap of a button.

The insurance policy also comes with a price cap, specific to the customer’s unique policy. This means that no matter how much they travel during the year, their policy will not only protect them from the unexpected, but it will also protect them from overpaying.

According to Revolut, this is a global first – no other product has used a customer’s phone’s location to automate cover when abroad.

The solution has been very well received so far.

Revolut’s Pay-per-Day Travel Insurance will be automatically selected as a nominee for the Efma-Accenture Innovation in Insurance Awards 2018. Deadline for March Innovation of the Month is 5 March. Submit your innovations on the Innovation in Insurance portal. Participation is free of charge and open to all insurance players.

Keywords : Travel insurance , Fintech

Geography : United Kingdom