Revolut ties with Chubb to add more insurance options to its growing financial super app

  • By partnering with Chubb, the UK neobank is doubling down on its strategy of shaping itself into a hub that caters to its customers' full financial lives.
  • And the move could help it stand out from the crowd.
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The UK neobank has teamed up with insurance provider Chubb to diversify its insurance offerings to include products like purchase protection, refund protection, and ticket cancellation on purchases made with a Revolut card, AltFi reports.

Revolut and Chubb plan to bring the offering to 22 countries, just shy of two-thirds of the 37 markets in which Revolut operates. The news comes on the heels of the neobank's application for a full UK banking license, which would be a step up from its current emoney license.

The Chubb partnership is the most recent addition to Revolut's offerings as it seeks to root itself at the center of clients' financial lives—even beyond checking and savings accounts:

  • The neobank offers stock and cryptocurrency trading capabilities. Revolut offers clients commission-free trades of stocks within its app, with the number of allotted monthly trades varying across account types. It also offers in-app cryptocurrency buying and selling. This full suite of trading capabilities makes Revolut a powerful platform for clients' investment needs.
  • Clients can leverage the Revolut app as a hub for monitoring their accounts across financial institutions, thanks to its account aggregation capabilities. The neobank works with API provider TrueLayer to let clients connect external UK bank accounts and view all of their balances and transactions within the Revolut app. The aggregation functionality increases the likelihood that clients will use Revolut as a primary touchpoint to stay on top of their financial lives.
  • The neobank also enables clients to hold, send, and spend money in multiple currencies. Revolut customers are able to transfer funds internationally in more than 30 currencies, spend money while abroad in over 150 currencies, and establish accounts specifically for holding currencies other than pounds, such as US dollars. This is a particularly salient benefit for UK and European customers who have family abroad, conduct international business, or travel frequently.

Revolut seems to have settled on a strategy of distinguishing itself from competitors by becoming the center of its clients' financial lives. For example, the neobank's financial super-app strategy differs from competitor Starling's, which split focus between consumer banking and business banking—a strategy that is paying off, with Starling posting an operating profit in October 2020. As these prominent neobanks declare and execute a clear strategy, other companies in the market will need to pick a lane as well, lest they get shut out.

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