Insurance, how the new “on demand” policies work

In a market that exceeds 1.3 trillion euros, we Europeans reserve around from our savings 2 thousand euros every year for the payment of insurance coverage and we are well aware that traditional policies usually provide for long bureaucratic procedures, often very expensive annual premiums and even quite long contractual commitments. In this regard, however, it is the Mobile Bank N26 to propose in collaboration with Simplesurance, a revolution in the insurance industry by announcing the debut of the “on demand” policies: a completely digital solution that allows bank customers to subscribe insurance policies directly through the bank’s dedicated app, in an easy, fast but above all more convenient way.

“When it comes to insurance, consumers today still have to deal with complex and outdated bureaucratic processes and procedures. The sector has long been ready for change, now we are able to offer a one-stop digital solution for the insurance needs of our customers “he declares Valentin Stalf, co-founder of N26. The new proposal, in fact, provides that users can activate or deactivate the plans and initiate reimbursement requests directly from the dedicated app or from the bank’s official website and, in the event of early withdrawal of an annual coverage, obtain a refund of the residual period. and for which the policy has not been used.

From home to travel and from pets to life, during the summer the “on demand” policies will take into consideration various common needs of customers who will be able to take out insurance starting from 3 or 4 euros per month. Nevertheless, this novelty arrives on the market with a solution dedicated to the object that we handle most during the day, ours smartphone, for which we can claim compensation in the event of accidents, damage – even those caused by liquids – and theft.

“The smartphone insurance, launched last May 18, is a policy that covers the costs of repairing or replacing the smartphone in case of loss, damage or theft. The customer signs the policy and pays a recurring premium, the insurer covers the costs of replacing or repairing the mobile phone. Damage coverage insures against damage such as screen breakage, liquid damage and operational errors. Theft coverage provides compensation or replacement of the device, ”he says Andrea Isola, General Manager of N26 Italy and Southeast Europe, and continues «However, this is the first of a series of products planned for the bank’s customers which from this summer onwards will also cover laptop, smartwatch e tablet, insurance for the home, the vita, i do you travel, the civil liability, the bicycle, l’electronics he pets. Prices will always be very competitive, with prizes starting from a few euros per month ».

But why should customers take out a policy on request instead of a traditional one? Andrea Isola is always the one to explain: “Flexibility, transparency, convenience and comfort to have everything always at hand in your app, with solutions that can be activated in a few clicks and without paperwork to fill out, both in the opening phase and in the withdrawal and complaint phase. Also, there is no need to redo the processes on boarding because you will go through your N26 account with your data already transmitted during the account opening phase. The price is more competitive compared to ” traditional ” policies and the guarantee of reliability, in addition to N26, is also given by the partner Simplesurance, one of the leaders in the insurtech sector in Europe, who shares our dynamic nature and our tech soul “.

You want to find out how to manage “on demand” policies from smartphones? In the gallery all the necessary information.