AXA Partners is growing its proposition in the challenger bank space, today announcing a long-term partnership with Monzo Bank.
Monzo Customers who sign up to the Monzo Plus account, which launched in April and offers extra features from £6 a month, will be given the option to add comprehensive travel insurance provided and underwritten by AXA Partners. The policy will cover medical bills, lost valuables, trip cancellation costs and winter sports – and can cover families – for an additional monthly fee of £4.
Jonas Templestein, Monzo Co-Founder, said: “We asked our community of users what features they wanted Monzo Plus to include and travel insurance was clearly the top choice.
“In addition to 1.5% interest on their balance, and access to exclusive offers, our new Monzo Plus customers can now add AXA travel insurance at a competitive rate.
“And that’s just the start. We are hoping to further build-out our offering very soon, with users being able to pick and choose custom products, including contents and mobile phone insurance.”
With research showing that over two thirds of British adults were using online banking in 2018, and predictions that mobile banking will overtake high street branches by 2021, consumer appetite for digital banking is rising rapidly.
Sunita Apte, Global Account Director at AXA Partners, commented: “The world of banking has changed significantly in recent years, with challenger banks competing against the traditional high street banks. In doing so, they are attracting vast numbers of new users in a short space of time, which is due to their ability to provide innovative and useful features to their customers.
“Customers want a bank that can offer more than just a current account and Monzo is leading the way in this space. Moving from being a payer of insurance to a partner, allows us to provide an exceptional customer experience, whilst adding value to lives. What’s more, it is vital to our success and fundamental to all we do. With its award-winning customer service, Monzo Bank is an obvious partner choice for us.
“With thousands of customers already signed up to our family travel insurance policies, we hope to extend our partnership with Monzo in the future, to offer additional products and services.”