Fintech companies have seen explosive growth over the past decade, attracting millions of users who benefit from innovative financial services. One such fintech is UK neobank Revolut, which has risen from a challenger bank to a super app in the making by offering a variety of financial services to users around the globe. 

As the industry becomes increasingly mature, fintechs must implement new strategies to remain competitive, especially in the current landscape. Driven by the pandemic, consumer expectations and needs have been pushed deeper into the digital realm – faster than ever before – opening up huge opportunities for fintechs to position their products and services on the market. 

Fintechs must constantly reinvent themselves amid daunting challenges: attracting new customers, converting free user bases into paid subscribers, boosting transactions and generating additional revenue, all while completing their innovation cycles.

Embedded insurance can play a major role in expanding revenue engines and customer acquisition strategies. The key is taking a global approach and building an environment that will stimulate users to adopt new consumer behaviours.

Yet, we often see key fintech players offering insurance products that bring poor added value to their users.

By integrating insurance products into its strategy, Revolut creates value for their customers and their business.

‘If you’re a Revolut customer, the next time you buy a phone, will you use your regular bank card or your Revolut card? Most likely you’ll use Revolut to get the built-in protection, which pushes you to use them for more transactions,’ Quentin told Sifted. ‘Before you know it, Revolut is becoming your primary bank.’

This type of product also fuels Revolut’s super app ambitions, or becoming an all-in-one platform for financial services.

‘Partnering with Qover has taken the difficulties of working with 32 countries and multiple insurers away from Revolut – managing all policy development, translations, claims handling and getting the right insurers lined up for our products based on their diverse appetites,’ says Balázs, in a recent Sifted article on how embedded insurance is shaping the future of fintech.

Product exploration and business development are key to the Revolut-Qover partnership; it continues to evolve as we listen to Revolut user feedback, monitor results and prioritise innovation.

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In 2022, Qover worked to further improve the claims process by insourcing Revolut claims through our multilingual customer care team. By no longer relying on a third party administrator to handle cases, the process can be more streamlined – and ultimately speedier – for Revolut customers.

‘My sincere thank you for the blazing fast handling of the claim! It is so reassuring to be able to have full confidence in one’s insurance partner!’ - Revolut customer

‘Qover provides easy accessibility to the claim system with full transparency. No hassle like the usual insurance claim system.’ - Revolut customer

‘The claims management department was attentive, they answered me with every piece of information and it was very quick – via e-mail or telephone. Many thanks to the Qover team.’ - Revolut customer

Qover’s embedded insurance solutions benefit millions of Revolut users, and could serve as inspiration for companies across the fintech sector.

‘Embedded insurance allows customers to have a product and coverage before they know they’re at risk,’ Balázs says. ‘This enables Revolut to fully protect some of our customers’ financial losses as part of our financial super app proposition and support them when they’re most in need.’

‘This will become the trend for fintech companies, as insurtech providers continue to iterate on the ease of their offerings, and will likely become the gold standard for fintechs.’

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