Revolut travel insurance covers users via geolocation technology in your phone.
A Fintech startup has started offering a subscription-based travel insurance service providing international medical and dental coverage. It involves the use of a mobile app and geolocation technology.
For a small daily fee, users of the Revolut travel insurance are also covered when they travel from one country to another.
The unique new product allows travellers to buy basic inexpensive coverage that will follow them wherever they go, via their phone.
As an installed app, it covers the user if they head out of the country for a few days or for weeks. It also has add-on coverage, for example in the form of protection for skiing and winter sports.
Yearly or daily
Users can pay a pre-established upfront price for a policy for an entire year, or choose a daily subscription plan for certain periods.
Revolut will eventually cap its travel insurance, but at the moment customers can use it to remain subscribed and covered for as long as they want to keep travelling.
For now, Revolut is not an actual insurance company, as it works with third parties – as is the case with its existing mobile phone insurance. A Revolut Premium product now includes the travel insurance on top of the other forms of coverage the company offers its members.