Fintech Revolut and insurer MetLife announced this Tuesday a partnership to provide credit protection insurance to personal credit customers. The product will launch in Portugal, Romania, Spain, and France, with sales rolled out in phases beginning with markets where Revolut already offers consumer credit.
The insurance, which is optional to subscribe to, will be offered directly within the Revolut app during the personal credit application process and will also be available to current loan holders. The coverage functions as financial protection against unforeseen situations, supporting borrowers in meeting their payment obligations in cases of involuntary unemployment, disability, hospitalization, or death. Two options are available: the basic package covers death, temporary and permanent disability, and hospitalization, while the comprehensive package includes the same coverage plus protection in case of involuntary unemployment.
Revolut, launched in 2015 in the United Kingdom, claims to have more than 80 million clients globally. MetLife, which operates in over 40 markets and has been active for nearly 160 years, will be responsible for the insurance underwriting, which will be distributed by Revolut Insurance Europe UAB, a brokerage authorized by the Bank of Lithuania.
David Tirado, chief commercial executive at Revolut, stated that the partnership reflects the company's commitment to helping clients achieve greater financial security. Nuria Garcia, regional president of MetLife for the EMEA region, stated that the partnership combines Revolut's digital innovation and vast client base with MetLife's expertise in insurance, meeting the growing demand for integrated solutions in the application process.
