The first insurance product is a smartphone insurance plan for German customers. N26 says it is also working on private liability insurance, home insurance, life insurance, pet insurance, and coverage for bikes, electronics, and large purchases. The idea is that you’ll be able to purchase coverage, manage your plans, and initiate claims within the N26 app. As N26 already has your personal information, it should be easier to sign up to a new insurance product through N26 compared to creating a new account in a separate app.
The challenger bank isn’t becoming an insurtech company overnight. Instead, it is partnering with other companies, such as Simplesurance, for those products. N26 Insurance is the first release of this new API-driven strategy. Partners will be able to integrate their products on their own and N26 will make it easy to share KYC files (know your customer), transfer money between N26 and partners, etc.
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