Insurtech company Qover has forged a new alliance with British neobank Revolut to provide embedded insurance for its new trip and event cancellation plan.
Under the tie-up, which marks the second collaboration between the entities, the embedded insurance cover will be provided as part of the Revolut Ultra plan.
Developed by Qover and underwritten by European insurer Wakam, the offering allows its customers to cancel their trips for various reasons.
The cancellation for any cause insurance includes the full amount of cancellation fees for specific reasons and up to 70% with no particular reason.
The trip and event cancellation cover will be available to Revolut customers in over 30 nations in the European Economic Area (EEA).
It enables customers to apply for a claim from their app and easily handle unforeseen events.
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The cover eliminates unnecessary paperwork by the user.
It involves Qover consolidating the claims process by accessing necessary data via its API integration with Revolut.
In order to submit their claims, users are required to open their Revolut app and select both ‘file claim’ and the pertinent transaction to find that most of the necessary details are already pre-filled.
Customers using this plan get a 24-hour claims payment guarantee, assuring qualified and complete claims will be processed and paid out in 24 hours.
Revolut Insurance general manager Balazs Gati said: “The embedded insurance cover offered as part of the Revolut Ultra plan is a game-changer.
“This is a truly innovative offering that brings peace of mind to our Ultra users when booking their holidays; whether it’s a hotel, Airbnb, flight, train or event, they can book knowing they’re covered.”