Embedded insurance at the point of sale is a fast growing market right now. Here’s some news from Yonder;
Challenger credit card Yonder has added no-excess worldwide travel insurance to its membership perks. Flight cancellations, delays and disruptions have plagued travellers across Europe, while the UK is experiencing a surge in COVID-19 cases. For Yonder’s founders, the rollout of travel insurance is an opportunity to support members at a time when they need it the most.
“Credit card insurance policies can be fraught with loopholes that catch consumers out in their moments of need,” said Yonder’s CEO and co-founder, Tim Chong. “Insurance is one of the core benefits of a lifestyle credit card, but the credit industry is shockingly outdated. Just as it’s harder than ever to spend rewards points on something you actually want, policy coverage has also fallen behind the times.”
In light of chaos across the travel industry, Yonder’s insurance covers members for COVID-19, both before departure and at their destination. The policy extends to missed flights, as well as cancelled and delayed departures. It also caters for ‘staycationers’, with coverage for trips within the UK over 100km from home.
Chong continued: “We’re determined to rebuild consumers’ relationship with credit, and show that Yonder is a company they can trust. Together with AXA, we’ve built a travel insurance policy around our members’ needs, so they can hit the road with peace of mind.”
Yonder launched in London in March, powered by a £20M seed funding round led by Northzone and LocalGlobe. Chong’s own frustrations with accessing quality credit as an Australian expat inspired him to build a company that would remove stress and complexity from the application process, replacing it with a beautifully-designed credit product and a rewards programme that would help members make the most of their city. Yonder’s travel insurance is the latest addition to a list of perks that includes drinking, dining and leisure experiences with partners such as Secret Cinema, Kudu and Breddos Tacos.
The Yonder card is available for £15 per month, and applications for membership are open via the waitlist.