Bunq enters insurance market via new partnership
Ellie Duncan | News
16 May 2024
European neobank bunq has entered the insurance market, partnering with insurtech company Qover to launch travel insurance for its users across seven markets.
As a result, bunq’s users will have worldwide, one-time activation travel insurance included in one of their plan options.
Through the partnership, embedded insurance orchestration is available on bunq’s ‘Easy Bank Pro XL plan’.
Qover’s claims data dashboard, which “analyses clauses that typically lead to rejections”, will enable bunq users to easily make claims when they need to.
Insurance features have been integrated into the bunq app, including the claims process and access to travel certificates.
Quentin Colmant, chief executive officer and co-founder of Qover, said: “Together with bunq, we prioritised delivering an exceptional user experience for Eva, bunq’s model user.
“This commitment extends beyond the insurance product itself, encompassing outstanding AI-powered customer care and a streamlined claims process.”
Qover’s modular embedded insurance orchestration platform provides insurance “experiences” to more than four million users across 32 European countries.
AI development
At the same time, bunq revealed an upgrade to its user-facing AI assistant ‘Finn’ to make it fully conversational.
Since launching in December 2023, Finn has provided answers to more than 100,000 questions and is now able to answer back-to-back questions and to offer “deeper insights” into users’ finances at twice the speed.
Users can ask the chabot questions related to their bank accounts and spending habits, and it is also able to make recommendations about places to visit in cities, based on reviews by other users.
According to bunq, Finn is able to independently solve up to 40% of user support questions and assist with 75% on a daily basis.
Ali Niknam, bunq’s founder and chief executive officer, said: “We’re thrilled to see so many of our users embrace Finn in their daily lives and can’t wait for them to have a chat with the all-new Finn.”
