bunq joins the insurance market

Wednesday 15 May 2024 13:27 CET | News

Netherlands-based neobank bunq has upgraded its user-facing AI assistant Finn and joined the insurance market in partnership with Qover

As per the information detailed in the press release, bunq upgraded its solution, Finn, a user-facing AI assistant, to be fully conversational, as well as introduced its global one-time activation travel insurance by collaborating with Qover, a worldwide embedded insurance provider. According to company information, the announcement follows the previous expansion of bunq, with the neobank’s total user base currently reaching nearly 12.5 million, while its deposits exceed EUR 8 billion.

Netherlands-based neobank bunq has upgraded its user-facing AI assistant Finn by joining the insurance market in partnership with Qover. |

bunq’s development strategy

Following the beta launch of its AI money assistant, bunq intends to upgrade its services and allow Finn to answer back-to-back questions and offer deeper insights into users’ financial situations more efficiently and conveniently. The assistant is set to manage users’ questions about their bank accounts and spending habits, while also recommending places to visit in cities, such as cafes, restaurants and bars, based on reviews provided by other bunq customers. In addition, the advancement delivers conversational capabilities, with the assistant engaging in natural dialogues. Also, Finn is set to serve as an extension of the bunq app, offering customised, context-rich answers.

Moreover, representatives from bunq underlined that the company is committed to supporting its users through technological capabilities. Besides replacing the search function in the app, bunq also leverages AI to manage user support questions, with Finn currently solving up to 40% of them and assisting with 75%. The organisation’s entry into travel insurance advances its objective to create a full-service neobank for digital nomads globally. In a mission to combat the issues faced by travellers when repurchasing travel insurance for every trip, bunq provides automatic coverage for anyone leveraging the Easy Bank Pro XL plan. Furthermore, bunq’s travel insurance covers car rental, dental and loss of personal items for up to EUR 1 million.

In addition to the two new capabilities, the neobank also launched a suite of other features developed to improve the overall user experience. Previously, in January 2024, bunq announced its plans to expand in the UK, by it applying for an EMI licence. The neobank was set to focus on its European expansion, with the step being projected to offer it the ability to tap into a large market that includes an estimated 2.8 million British digital nomads and individuals.

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Keywords: insurance, travel payments, customer experience, mobile banking, online banking
Categories: Banking & Fintech
Companies: bunq, Qover
Countries: World
This article is part of category

Banking & Fintech




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