N26 looks beyond banking with a move into insurance

N26, a neobank which has about 200,000 Irish customers, is expanding beyond banking into the insurance space.

The digital bank is starting small with plans to offer cover for smartphones initially. But in the coming months, it said it expects to build on this with offerings to include home and life insurance.

It has teamed up with German company Simpleassurance for N26 Insurance, allowing customers to purchase coverage, manage plans and initiate claims from different providers from within the N26 mobile app.

Private liability insurance, home insurance, life insurance, pet insurance and coverage for bikes, electronics and other large purchases will all be added to the digital bank’s offering across Europe in the coming months, it said.

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Co-chief executive Valentin Stalf said that, with Europeans spending more than €2,000 per person a year on insurance cover on average, the market is "ripe for disruption".

“The new fully digital N26 Insurance promises the same simple, clear and transparent view of pricing, plans and terms and conditions that is central to N26’s banking experience, presenting customers with a choice of plans from top insurers and bringing a range of best-in-class options to market,” the company said.

“N26 Insurance is insurance made easy, helping customers save time, effort and money by allowing them to buy and pay only for what they need, on-demand, and on-the-go – all with just a few taps,” it added.

Founded by Mr Stalf and Maximilian Tayenthal in February 2013, the Berlin-headquartered bank now has more than seven million customers globally. It launched services in Ireland in December 2015.

The business, which employs more than 1,500 people, has raised close to €800 million from backers since it was established.