Pay-per-Day (service of insurance)

2018: Announcement

In January, 2018 the British company Revolut offering services of a fast currency exchange started one more service which can attract to travelers.

In mobile application of Revolut there was a service Pay-per-Day allowing to insure people depending on their location which is determined by smartphone GPS coordinates. The user will be automatically insured at stay in other country, and the policy lasts until the person is located abroad.

It is expected that service of health insurance on the basis of a geolocation will save often traveling people from need to make out the insurance policy before each trip and will help to save.

Revolut started service of insurance of travelers on location

Developers note that the insurance will not be made out every time when the client travels around  the continent and crosses several countries:  for example, goes from  France to  the Netherlands through Belgium or for a while stopped by in  Canada from  the USA. Besides,  within 8 hours it is possible to cancel payment.

Services of insurance of clients of Revolut are rendered by the partner of the company —  Thomas Cook Money. Insurance cost in Pay-per-Day begins with 1 British pound a day. The final price varies depending on the connected options (for example, it is possible to insure family or to receive compensation in case of damages at occupations by active winter sports) and the countries of presence.

Design of a complex insurance for a year within which travelers will be automatically insured at intersection of any borders is possible.

We wanted to create such type of insurance which would use the technologies helping our clients and providing an insurance coverage only those days when people really it is necessary — the CEO of Revolut Nikolay Storonsky noted.[1]

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