The worlds of insurance and banking collided this morning with the news of Chubb launching a new insurance partnership with UK-based digital bank Revolut.
As part of the partnership, Revolut customers have access to “a wide range of coverage,” including purchase protection, refund protection and ticket cancellation, where a Revolut account is used.
Also, in cases where customers have been diagnosed with COVID-19 and unable to use event tickets, for example, Chubb’s insurance will kick in.
Warren, New Jersey-based Chubb says it was selected as Revolut’s carrier partners in part due to its “multinational capabilities and global footprint.” The new program will be rolled out in 22 countries.
Florian Eisele, director of accident and health for Chubb’s Continental Europe division, said Revolut is a good example of digital innovation that aligns with the company’s own ambitions.
Goulven Thépot, regional head of underwriting, accident and health for Continental Europe, said the new partnership with Revolut marks a significant step for Chubb as it continues “to drive relationships in the digital space.”
Chubb describes itself as the world’s largest publicly traded property and casualty insurance company. It operates in 54 countries and territories and employs 33,000 people globally.
Revolut says it’s building “the world’s first truly global financial superapp.” In 2015, Revolut launched in the UK offering money transfer and exchange. Today, it has over 13 million customers that make more than 100 million personal and business transactions a month.