bunq with (Travel) insurances

YY

However many users are satisfied with Premium (and some not) but that is not the discussion for now.

Bunq should consider a extra plan for around €12,50 (yes it is more expensive but you should get more in return):
- A Black/Gold/Rose/Silver Cards for the Premium feeling and some normal colored cards would be great(max of 3)
- All the same features of Premium
- Purchase Insurance (Aankoopverzekering) of 100 days for all products purchased with the Maestro/Mastercard
- Travel Insurances (medical expenses, compensation for delayed flights/lost baggage)
- Higher withdraw limits outside the Eurozone
- Option to get 1 additional card for a partner/relative in his/her name to be able to use on your accounts

Just an idea for Gold/Silver looking cards

Sander

Youssef A Black/Gold/Rose/Silver Cards for the Premium feeling and some normal colored cards would be great(max of 3)

See https://together.bunq.com/d/522-custom-card-images 😁

Youssef Purchase Insurance (Aankoopverzekering) of 100 days for all products purchased with the Maestro/Mastercard

See https://together.bunq.com/d/2922-insurance-and-buyer-protection-when-using-mastercard. 🙂

Youssef Option to get 1 additional card for a partner/relative in his/her name to be able to use on your accounts

Cards are linked to a individual. What you want is already possible within the Joint Membership or simply by opening an account for those people so they can order their own cards, but I think Joint would suit better here.

Youssef - Higher withdraw limits outside the Eurozone

Why only outside the Eurozone? In any case bunq would be dependent on the network of existing ATMs as they don’t have their own, this comes with restrictions (and costs). Most likely the limit can technically be increased, but as bunq promotes a no-cash community and as it comes with costs to make withdrawals I’m not sure whether bunq should allow for higher withdrawal limits.

So, to keep this topic centered around a single issue; the remaining idea is basically to offer a plan with insurances, where (for me) the question is: should bunq offer non-banking services like insurances. 🤔 For all discussions about your other suggestions please use the existing topics. 🙂

MatteoF

Youssef I will immediate close my Revolut premium account if bunq will do

Michiel

I like the idea of some kind of insurance.

Not sure why you need a different card for that though. It could be part of a higher plan. Changing the look of the card feels a little old fashioned, because with online and mobile payments cards will be used less and less.

YY

Michiel Well the card is more to give customers option of more colors.

I like the idea of Bunq but the colored card does not look that Casual😅.

Polderdijk

In don't see the benefits why a bank need to offer a travel insurance? For a euro of 2 á 3 you have one by any insurance company.

Keep it with bank related stuff only.

YY

Maarten Polderdijk

Most Travel Insurances do not provide an compensation for flights that are delayed/cancelled. Many CC companies offer an Travel insurance with their cards and some Fintech banks also.

Manuel-LesLilas

Maarten Polderdijk I don't think that's the bank, it's the card company that offer the insurance service. It can be useful when you rent a car for example (rental company insurances are a theft).

Michiel

Youssef I totally agree on having more options for card colors! But that’s unrelated to purchase insurance in my opinion. There’s a dedicated discussion somewhere for the card colors.

Polderdijk

Youssef For EU travelers there is a law with some compensation for delayed/cancelled flights. Also Travel Insurances have sometimes rules for it.

But my point was, that it is for me a strange thing that banks offer a non-financial insurance. Purchase Insurance I understand, but all kind of other stuff is in my opinion something for an Insurance company, not a bank.

YY

Sander

Technically yes,we keep only the question if Bunq should offer an Insurance Package in Premium/new plan.

JohnDo

Youssef Too keep things simple (core feature of bunq 🌈) I would imagine this will be part of an existing membership rather then creating a new one.

On the other hand, such kind of insurances are relative expensive... so I doubt if such feature would ever see the day of light at bunq 🌈 without having consequences for the membership fee.

Ali ones mentioned he sees little added value in such feature.

Samzoiets

Apart from the one-stop-shop advantages of having insurances at bunq, I can't see the benefits either.

Being a fintech/bank, bunq knows two trades: technology and banking and they are superb in combining those two trades. But bunq is not yet a superb bank as they have many things to improve, they are however, well on the way and doing a very good job.

Insurance is a trade on its own and would be new to bunq. It demands a fine infrastructure and many, many resources to build such. It also demands a financial infrastructure which has to be built from scratch.

As a bunqer I would rather have bunq focus on the one thing they are doing so well at this point; developing the best banking service one could provide.

The insurance trade is, as well as the banking trade, a very competitive market and bunq is still to gain a solid market share on that market. Why would one try to gain a solid market share in both markets, whilst there are many competitors and a very small demand for this service amongst your costumers?

When I need insurances, I'll go to the best company in that market, which will not be a bank per se.

JohnDo

Sam 🇳🇱🇬🇧 Hi Sam. If bunq would provide some kind of insurance.... they would probably outsource the whole service... so, to some extent, bunq wouldn't have to have this kind of expertise themselves. But I agree, bunq should focus on staying the best bank in the business ;)

osc

Sam 🇳🇱🇬🇧 Hi,

I disagree: a lot of banks provide insurances that are tied to the credit card (Gold, Premier or evening higher tiers). Those insurances are kind of a standard in a sense, even though they only appeal to some customers (those who travel a lot basically, and/or who are strongly risk averse).

I don’t necessarily expect Bunq to offer such insurances in the Premium package, but I personally would be ready to pay a little bit more to have such insurances. So far I have to use a secondary (French) card to be covered (I travel quite a lot), and being able to have everything in one single app/bank would be great for me.

Have a great day

Samzoiets

John Do Outsourcing is obviously the way to go, but what would that mean for the advantage of a one-stop-shop?

Like Rabobank/Interpolis, Knab/Aegon or ING/Nationale Nederlanden you would still have two parties but in both examples the insurance company is owned by the bank (or in the case of Knab, the other way around), so there are mutual interests in providing insurances to bank customers.

An independent insurance company (is such does exists) is sure not to have a benefit compared to direct contracting instead of contracting via bunq. Only the advantage of a one-stop-shop still stands.

But then bunq would have to have more interaction with their customers, or outsource the customer interaction to a bunq branded call center. It would cost a lot and would bring very few benefits.

Let alone the risk this would bring to bunq, a company with very low equity on the balance as far as I can see. That is no problem when you are a bank, but it will be a problem when you start to sell insurances.

----

Insurances are not a feature I expect from bunq.
There are enough ways to insurance whatsoever. There would not be any value added.

Lander

More than an insurance I would be very interested and willing to pay extra if I could get flying points when using my bunq card, I don’t care much if is avios or skymiles, or other, but any agreement with a flying company would work for me.

DaveFlash

well, bunq just launched Travel Cards, sadly no buyer protections included.
perhaps bunq could work with MasterCard to include it still? As a merchant is charged the creditcard fee, Mastercard will profit from purchases done with the bunq credit travel card, but does not pass those earning on to the user in any way shape or form such as buyer protection for 180 day... very strange.

dutch: bunq travel card, zonder aankoopverzekering van 180. raar, want mastercard profiteert straks wel van bunqers die daarmee betalen om dat een ondernemer immers het creditcard tarief moet betalen, maar geeft er niet of nauwelijks wat voor terug aan de eind gebruiker.

JeroenE

DaveFlash De aankoopverzekering is natuurlijk ook niet gratis. Bij andere kaartuitgevers die wel (onder andere) een aankoopverzekering bieden moet je apart of extra betalen voor de betaalkaart. Vaak heb je dan ook nog verschillende opties met verschillende dekkingen die allemaal een andere prijs hebben. Bijvoorbeeld: https://www.yourmastercard.nl/creditcards/ of https://www.ing.nl/particulier/betalen/creditcards/index.html of https://www.abnamro.nl/nl/prive/betalen/creditcards/index.html

Polderdijk

Jeroen 🏳️‍🌈 Zoals Jeroen al aangeeft eigenlijk, moeten deze diensten door iemand betaalt worden.

Op de één of andere manier zien een hoop consumenten alleen hun eigen voordeel hierin, zonder te begrijpen dat die kosten door iemand gedekt moeten worden. Wat aan het eind van het verhaal natuurlijk altijd de consument zelf is.

Ikzelf ben dan ook erg voorstander van 'schoenmaker blijf bij je leest'.

MasterCard moet zorgen voor goede transactie verwerking, tegen zo laag mogelijke kosten, zonder toeters en bellen.

Wil je je aankopen verzekeren, ga dan eens shoppen bij verzekeraars. Daar kan je voor een klein bedrag dit soort zaken makkelijk verzekeren. En hoef je ook niet altijd met je MasterCard te betalen.

Kunnen tegelijk de transactie kosten voor het accepteren van MC/Visa naar beneden voor merchants, welke uiteindelijk resulteert in een betere acceptatie en lagere kosten voor de consument 😁

Stephen-Yellow-Lion

With regards to travel insurance with a Bunq bank account, you must realise that there may be account holders, who have medical issues and these have to be declared. An insurance policy is a contract of utmost faith. It is of my belief, that this should not be considered in my personal opinion. A business such as Bunq may just use the KISS system. Keep it Simple, the last letter is for the word Stupid and I just know, that the staff and owners of Bunq will want to keep their costs as low as possible.