Thomas Cook, a British global travel company, has partnered with fintech firm Revolut to launch a “pay-per-day” travel insurance service which automatically provides users with medical cover by tracking their location through their mobile phones. This is reported by The New York Times.
Revolut, the digital bank start-up, said it could pinpoint customers' location through its app technology and automatically turn on the coverage when required, starting at less than $1.38 a day.
We wanted to create a type of insurance that uses technology to help our customers and only cover you on the days you actually needed to be covered.
Revolut, founded in July 2015, allows customers to exchange currencies at rates used by banks and pay by card in different countries without international fees. In December 2017, it launched cryptocurrency trading.
Thomas Cook Money, the new financial arm of Thomas Cook, wil also partner Revolut to underwrite the insurance policies.