Companjon , an Ireland-based insurtech specialising in embedded insurance, has partnered with bunq , a Netherlands-based neobank. Companjon will now offer Extended Warranty and Purchase Protection to bunq users as a result of this update.

The  Extended Warranty and Purchase Protection were created to help bunq Easy Green users recover from financial losses related to certain purchases. Along with its users, bunq works to create a greener future for all. With its popular Easy Green subscription package, users may reduce their carbon footprint in less than two years by having bunq plant a tree for every EUR 100 they spend using any of their bunq cards.

Users of bunq Easy Green will now be automatically covered by Companjon insurance when making specified purchases with their bunq Metal Card, increasing security and peace of mind. Customers of Companjon's partners receive fully automated, customisable insurance that is suited to their online transactions. When things don't go according to plan, Companjon generates positive and smooth experiences.

With a broad range of usage-based insurance solutions, Companjon assists its partners in fostering business expansion, boosting client retention, and generating more money. The future of insurance is embedded Embedded insurance is becoming more popular as a fresh method of providing insurance services and increasing market value for all parties involved. By concentrating more on the mid-market, there is a trillion-dollar opportunity for insurers to increase new revenue streams and reduce distribution costs.

It is important for end users to receive more inexpensive and pertinent insurance at the appropriate time and location. The thought of buying a one-time insurance coverage to safeguard a new possession can seem cumbersome and pointless to many end users. Contrarily, clients can protect themselves against uninsured losses with historically little involvement through the purchase of other, non-insurance products, which gives them more peace of mind.

Overall, the embedded insurance concept lowers acquisition costs while giving insurers a competitive edge in the B2B2C world of today. bunq’s recent developments Bunq had a busy year, introducing new products and collaborating with businesses to expand its reach and services. For instance, through a collaboration with Birdee, bunq introduced a new function in February 2022, enabling its users to invest their money.

The software update that includes the investments function will also enable ten more foreign currencies, allowing users to receive, keep, exchange, and spend money in 15 other currencies. Later, in May 2022, the neobank made the decision to purchase Tricount, a smartphone application for managing group costs. When multiple persons are making purchases for the group, the startup's ability to combine expenses can be helpful.

While bunq does allow you to divide a bill with friends, the tool is intended for a group of bunq users. Tricount is a solution independent of banks. Finally, bunq released the most recent version of its app in October 2022  in response to how the present environment changes financial decisions.

Users would be able to automatically budget from the specialised sub-accounts they already had set up. This means that money will be immediately and instantly deducted from certain sub-accounts set aside for various purposes at the point of sale with each transaction a user makes. .