Dutch digital bank Bunq enters the insurance market

By Gloria Methri

bunq, the second largest neobank in Europe, has upgraded its user-facing AI assistant, Finn, to be fully conversational. The challenger has also rolled out its worldwide one-time activation travel insurance in partnership with Qover, a global embedded insurance provider.

After a successful beta launch of its AI money assistant, Finn, bunq continues to push the industry forward by pioneering Europe’s first AI-driven banking experience. Finn, having already answered over 100,000 questions since December 2023, can now answer back-to-back questions and provide deeper insights into users’ finances at twice the speed.

Finn will tackle users’ questions regarding their bank accounts and spending habits, as well as recommended places to visit in new cities including cafes, restaurants, and bars, based on reviews by other bunq users. The upgrade also unlocks conversational capabilities. Besides engaging in natural conversations and storing the history of users’ interactions with Finn, the AI assistant will serve as an extension of the bunq app, providing personalized, context-rich answers.

Ali Niknam, founder and CEO of Bunq, said, “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. As of now, Finn is independently solving up to 40% of user support questions and assisting with 75% every day, helping users tackle any issues they might have while using the app.”

bunq’s expansion into travel insurance marks the next step in its mission to build a full-service neobank for digital nomads worldwide.

Designed to tackle the challenges faced by travellers when re-purchasing travel insurance for every trip, bunq now offers automatic worldwide coverage for anyone on the Easy Bank Pro XL plan. Users activate the feature once and enjoy coverage for all future trips. Insurance claims can be filed right in the app via the link to Qover. Bunq’s travel insurance will also cover car rental, dental and loss of personal items for up to 1 million euros.