This Fintech startup offers a subscription service offering international medical and dental coverage.
The new Revolut travel insurance, the product of a Fintech startup, now offers international medical and dental coverage. The product involves the use of a mobile app and geolocation technology.
For a small daily subscription fee, users are covered even when they travel from one country to another.
The unique new form of Revolut travel insurance lets travelers purchase a basic cheap coverage that will follow them wherever they go, regardless of whether they head out of the country for a few days, weeks or even months. It also provides additional add-on forms of coverage, for example in the form of winter sports protection.
Travelers can choose to pay a set upfront price for a policy that will cover an entire year, or can choose the daily subscription plan if that is their preference. Though Revolut will eventually cap its travel insurance, at the moment, customers can use it to remain subscribed and covered for as long as they want to keep traveling.
That said, Revolut travel insurance has not made the startup into an actual insurer as it works with third parties.
Revolut has managed to offer this unique subscription travel insurance without having to become an insurance company itself. As is the case with its existing mobile phone insurance, Revolut is providing the travel policies by way of third party insurance companies.
The mobile app will use geolocation technology to make sure the service keeps up with the policyholder’s travel insurance needs. As of yet, it is not clear whether the app will report back on the device’s location or if it will request that the user manually enter his or her location. That said, the insurance will continue covering the individual as he or she moves about while keeping the app running in the background of the device.
The Revolut Premium product now includes the travel insurance on top of the other forms of coverage it offers its members.
The Revolut travel insurance is only the latest form of coverage the startup is adding to its offerings. The company has been very strategic in collecting very small amounts of money from customers in order to provide common forms of coverage.