Revolut will offer car insurance to motorists in the Irish market after agreeing a partnership with insurance giant AIG.
The fintech, one of Europe’s most valuable, company will offer the chance to buy Revolut car insurance to 3,000 customers from today and then roll out the product to all customers in the coming months, it said.
Revolut, which has two million users in Ireland, said its app would take “just minutes” to issue customers a quote for their car insurance.
“With this launch we aim to change the way Irish customers buy, view and manage their car insurance. Getting a quote in our app is now quick and intuitive, with fewer screens and less friction than the traditional ways of buying insurance,” said Cian O’Toole, the company’s global strategy and operations manager for insurance.
Revolut will offer customers the ability to pay in 12 monthly instalments with no upfront down-payment. It said this was aligned with the expectations of modern consumers who are used to monthly subscriptions for services. Customers who pay upfront, however, will pay 10 per cent less.
Customers will be able to view, amend or cancel their policy through the app without being charged any administration fees, although associated premium adjustments may apply.
Revolut suggested its policies would be up to 30 per cent cheaper than its competitors in the Irish market.
A discount of as much as 10 per cent will be available to customers with a subscription to one of the company’s paid plans, while discounted premiums will also be available to Revolut customers using Smart Driving, a new self-install, in-car telematics device.
“Helping people drive more safely is good for everyone. Fewer accidents ultimately saves lives but it also means fewer claims – and that helps cut insurance costs for everyone, most importantly the customer,” said Mr O’Toole.
Revolut, which launched in the UK in 2015 offering money transfer and exchange, now has 30 million customers around the world.
The company, which describes itself as a “global super-app”, has added a number of new products and features in the Irish market in recent months in a bid to make itself more attractive to users who may opt for the fintech as their primary bank. Earlier this year, it completed the roll-out of Irish international bank account numbers (Ibans) to customers here.
While its valuation has soared since it was launched, investors have slashed their value of their holding since the global economy slowed. In June Molten Ventures, a Dublin- and London-listed tech investment company formerly known as Draper Esprit, wrote down its stake in Revolut by 40 per cent.
