bunq enters the insurance market with AI innovations

Digital Reinvention
20/05/2024 News

bunq, Europe's second-largest neobank, has launched worldwide travel insurance amidst rapid international growth, reaching 12.5 million users and over €8 billion in deposits. This solidifies bunq's position as a leading bank for digital nomads.

Advancements in AI with Finn

Alongside this expansion, bunq has upgraded its AI assistant, Finn, to be fully conversational. Since its beta launch in December 2023, Finn has handled over 100,000 inquiries. The upgraded Finn can now manage sequential questions and offer deeper financial insights at twice the previous speed.

Beyond financial advice, Finn suggests cafes, restaurants, and bars based on user reviews, acting as a personalized guide. The AI assistant stores interaction histories for context-rich, personalized responses. Currently, Finn resolves up to 40% of user support queries independently and assists with 75% daily, improving customer service efficiency.

Ali Niknam, founder and CEO of bunq, expressed enthusiasm for Finn's new capabilities: "At bunq, we use the latest tech to make our users’ lives easy. We’re thrilled to see so many of our users embrace Finn in their daily lives and can’t wait for them to have a chat with the all-new Finn." 

Expanding into travel insurance

bunq's new worldwide travel insurance, developed with Qover, targets digital nomads. With international travel nearing pre-pandemic levels—almost 1.3 billion trips in 2023—this insurance offers a seamless solution. Users on the Easy Bank Pro XL plan can activate it once for automatic coverage on all future trips. It includes protections for car rentals, dental emergencies, and personal item loss up to €1 million, with claims filed through the bunq app.

Niknam emphasized the ease and security of the new offering: "We’re making travel insurance effortless. It’s exactly the peace of mind we want our users to have, whether they spend, save, or travel with bunq." 

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