New partnership between Monzo and AXA
Digital bank Monzo has inked a long-term travel insurance partnership with insurer AXA. The bank mooted travel insurance as a potential feature for its premium subscription service Monzo Plus a while back, and it has now officially selected AXA as its partner.
The add-on will provide ‘comprehensive travel insurance’ to Monzo Plus customers; the subscription for the service is £6, and for an extra £4 users will be able to take out an AXA policy as well. According to AXA, the policy will include cover for ‘medical bills, lost valuables, trip cancellation costs and winter sports’, and can be taken out on a single or group basis.
Jonas Templestein, Co-Founder of Monzo, said that this announcement was only the beginning of a number of insurance-related services that will be rolled out for customers of Monzo Plus: “We are hoping to further build out our offering very soon, with users being able to pick and choose custom products, including contents and mobile phone insurance.”
While it is fairly common to see home, contents, motor and other such insurance lines taken out on a pay-monthly basis, this has not been the case with travel insurance; it will be interesting to see the level of take-up, and if it is successful it may suggest that travel insurance as a subscription service has legs as an alternative business model.