Revolut, a London-based digital bank, has entered into the insurtech sector through the launch of a pet insurance product to help pet-owning customers to maintain the good health of their furry friends. The neobank stated that pet insurance is the first of its many future standalone insurtech products.
The launch of the pet insurance product reinforces Revolut’s existing insurance offering including travel insurance, purchase protection and ticket- and missed event coverage. The move is another way for the British fintech bank to strengthen its financial super app used by almost 4 million customers in the UK.
Revolut said that pet insurance will initially be available to UK customers and apply to dogs and cats only. The bank’s in-app pet profile would enable customers to manage everything associated with the insurance in one place, like accessing vet support, viewing policy documents and making a claim. The insurance provides protection from unforeseeable high vet costs and offers 24/7 free access to an online vet.
Additionally, Revolut talked about the “COVID-effect” on pet ownership, stating that the pet insurance market in the UK and Europe is expected to grow rapidly because of the increased number of people who became pet owners during the global pandemic.
Chiraayu Sethi, the Product Manager for pet insurance at Revolut, said that since insurtech is one of the fastest growing business sectors in the world, Revolut wants to become one of the leading insurtech players. "We are delighted to take the first step into yet another vertical, and launch our first standalone insurtech product. We have listened to the feedback from over 150,000 customers on our platform, and we are looking forward to welcoming their pets as customers,” he stated.
Closing the Protection Gap
The development by Revolut comes at a time when insurance has become one of the new battlegrounds for neobanks as they seek to boost revenues by providing payment protection in areas such as foreign travel, income and even phones. Revolut has joined rival digital banks such as Monese, Monzo and Sainsbury’s Bank in offering pet insurance products and services.
