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Online bank N26 jumps into insurance, taking on giants like Allianz

The Berlin-based fintech company says it’s launching insurance policies for smartphones in partnership with local start-up Simplesurance. Plans start from 6 euros — about $7.18 — a month, based on the original value of the customer’s phone. Users will be able to buy coverage, manage their plans and initiate claims for things like water damage and theft.this is the first time the company has offered such a product to all its users, and marks a challenge to established providers such as Allianz and Axa and may provide the loss-making firm with a new way to generate revenue from its users. N26′s entry into the insurance market comes as investors are pumping hundreds of millions of dollars into digital insurance start-ups. U.K. online insurer Zego recently raised $150 million at a $1.1 billion valuation, while German counterpart Wefox is reportedly seeking a $250 million investment at a $2 billion valuation.

Source: CNBC

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