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April 16, 2021

German digital bank N26 forays into insurance segment

By Verdict Staff

German digital bank N26 has made its entry into the insurance space with the launch of on-demand insurance products within the N26 app.

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The bank has partnered with insurtech simplesurance to roll out insurance policies for smartphones in partnership.

N26 customers will have the option to buy coverage, manage plans and initiate claims for a range of insurance plans offered by various insurers.

They will be able to select plans straight from N26 app, with the option to purchase annual cover or monthly plans with a flexible cancellation policy.

The coverage starts at €6 per month, depending on the original value of their smartphone.

Commenting on the development, N26 co-CEO Valentin Stalf said: “When it comes to insurance, customers today still have to contend with complex and outdated processes and paperwork. The space has long been ripe for disruption and we are now offering a one-stop digital solution for our customers insurance needs.”

N26 said that the launch of the on-demand smartphone insurance is the first of a series of planned product launches by the company in Europe over the coming months.

The upcoming products include home, life, travel, private liability, bike, electronics and pet insurance.

According to N26, Europeans spend over €2,000 a person a year on insurance cover on average in a market with an annual volume of €1.31trn.

The bank said it aims to ‘radically simplify this important part of customers’ financial lives’ with its entry to insurance space.

Last month, German insurer Allianz reached an agreement to acquire the Polish business of Aviva in a cash deal worth $2.9bn (€2.5bn).

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Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
by GlobalData
Enter your details here to receive your free Whitepaper.

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