Revolut, Chubb Partner On Purchase Protection

Insurance provider Chubb has rolled out a new insurance partnership with digital banking services FinTech Revolut, according to a press release.

With the partnership, Revolut customers will have access to a range of coverage, including purchase protection, refund protection and ticket cancellation in places where the Revolut account is used, the release stated.

In addition, the partnership, which will be rolled out over 22 countries, will allow for coverage where a customer has been confirmed positive for COVID-19 and is now unable to use tickets they had bought with their Revolut account, according to the release.

The reasons Chubb was selected as a carrier are it has multinational capabilities, a global footprint, accident and health propositions, and strong partnerships expertise, the release stated.

“Our new partnership with Revolut marks a significant step for Chubb as we continue to drive relationships in the digital space,” said Goulven Thépot, regional head of Underwriting, Accident and Health, Continental Europe with Chubb. “We are looking forward to working with the Revolut team to deliver valuable insurance solutions to their customers.”

Felix Jamestin, head of Premium Product at Revolut, said in the release that the company is “always looking to provide the best value possible to our customers and help them get more from their money.”

“We’re constantly improving our paid plans and are delighted to partner with Chubb to add purchase protection, refund protection and ticket cancellation for our customers,” Jamestin said, according to the release.

Earlier this month, Revolut applied for a banking license from the U.K. Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

According to Nik Storonsky, founder and CEO of the company, the idea is to allow the bank to offer banking products that U.K. customers could expect from their everyday accounts.

The company also announced plans to develop a “financial super app” after it got the license.