European mobile bank N26 introduced a digitised insurance service, representing the next step in its strategy “to become the one-stop app for all its users’ financial needs”.

In a move announced at the Money20/20 Europe conference in Copenhagen, N26 said it will partner with German insurance tech firm Clark with the vision of creating “a central place for all insurance matters” for its customers.

The partnership will allow N26 customers to access their insurance “in a fully digitised manner” within the N26 app, and provide its users with access to important information on one screen.

This includes giving customers a digital overview of all their insurance policies, including information on coverage, rates, payment frequency, start and end dates, as well as enabling customers to initiate claims with just a few clicks.

The next step for the offering will be to help users make “smarter decisions” when it comes to insurance, including ways to optimise plans and navigate through different options.

N26 will collaborate with Clark, which has developed a “robo-adviser” to help analyse customers’ existing contracts and propose optimisations.

It has the capability to scan tariffs of more than 160 insurance companies.

Maximillian Tayenthal, founder and CFO at N26, said digitisation of the insurance market “is lagging behind”.

“It is therefore a huge opportunity for N26 to address these customer issues by leveraging digital innovation to make insurance more user friendly,” he said.

A beta version featuring the first features will be available to all N26’s German customers by the end of July.