Singapore-based neobank YouTrip has launched an in-app travel insurance product backed by HL Assurance in response to an expected increase in travel demand.
YouTrip card and app / Photo credit: YouTrip
Local users are able to access the new travel insurance on YouTrip’s multicurrency app. Through the app, travelers will be able to buy a single-trip policy with up to 65% savings on their plan.
The neobank also guarantees 15% cashback for users on each purchase of a single-trip policy from their HL Assurance Covid-19 travel plan. The product covers Covid-19-related issues like overseas hospital cash benefits, quarantine allowance, and travel disruption reimbursements.
Founded in 2018, YouTrip started as a travel e-wallet operator and has since expanded its financial services, including the launch of Mastercard-powered corporate card YouBiz.
The integration of insurance into the company’s suite of financial services will help protect customers as they travel overseas, said YouTrip CEO and co-founder Caecillia Chu.
“As a company, this is also a significant step in our work to build a borderless banking product for travelers in the region – from promising the most affordable and convenient multicurrency payments, and now protection.”
The company raised US$30 million in a series A round in November 2021, doubling its total funding to US$60 million.
See also: YouTrip cuts a third of HK workforce, faced staff departures in SG
Editing by Miguel Cordon and Jaclyn Tiu
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