Revolut is a new travel insurance company that's aiming to permanently alter the way people seek coverage when they're on vacation. With this new service, users can receive medical and dental insurance for as little as £1.00 or €1.00 per day.
What truly sets this service apart, is that individuals are only charged for coverage when their smartphone's geolocation detects that one has traveled outside of their home country. Revolut acknowledges that everyone's needs are different, and so its app has been built to enable persoalization at the tap of a button. This allows users to add extra coverage, or, extend the insurance to friends and family.
With Revolut, users will only have to pay for coverage on the days they're actually on vacation.
Pay-Per-Day Travel Insurance
Revolut Uses Geolocation to Offer Users Affordable Coverage
Trend Themes
1. Pay-per-use Insurance - The concept of pay-per-use insurance can be adapted to various industries such as car insurance, home insurance, and healthcare to provide a more tailored and cost-effective approach for consumers.
2. Geolocation-based Services - Geolocation-based services could see greater potential to offer personalized services such as insurance coverage, event recommendations, and retail promotions based on the user's location.
3. Digital Personalization - The use of digital personalization can revolutionize the way companies offer services, making it easier for customers to tailor products to meet their specific needs, ultimately leading to increased customer satisfaction and loyalty.
Industry Implications
1. Travel Insurance - The introduction of pay-per-day travel insurance can disrupt the traditional travel insurance industry, making coverage more cost-effective, personalized, and convenient for customers.
2. Health Insurance - Adopting the pay-per-use model in the health insurance sector could provide more affordable and accessible coverage for customers, particularly those who don't require full-time coverage.
3. Fintech - The fintech industry could benefit from the integration of geolocation-based services, providing a more personalized and seamless experience for users, particularly for services such as banking, investment, and insurance.