The Swedish fintech-company Northmill that recently launched two new products, Rebilla Reduce and Rebilla Reward, with the sole purpose of simplifying and optimizing everyone’s financial life, now introduces its first insurance for Rebilla’s customers. It is a payment protection insurance (PPI), also called loan insurance. Today, Northmill’s insurance business has over 15,000 monthly policyholders, a 200 percent increase compared to the previous year. But the fast-growing fintech-company are far from satisfied and aims to reach 25,000 monthly paying policyholders by the end of 2019.
The collective name for Northmill's insurances under Rebilla is Reassure, and the first PPI-product being launched, is developed to fit each customer’s unique situation and help the customers in e.g. case of unexpected illness or unintentional unemployment.
“We have made long-term investments in our advanced and in-house developed technology platform which means that we can develop very competitive and tailored products, and at the same time stand prepared and innovate the insurance products of the future, said Hikmet Ego, CEO and co-founder at Northmill.
In practice, the loan insurance adopts the customers’ monthly payment during the period of illness or untinted unemployment up to twelve months. That makes it possible for the customers to withhold the same standard of living even if the unexpected occurs.
“We have seen that our insurance products are very much appreciated and we are happy to be able to continue to bring stability and safety to our Rebilla customers. We can all face obstacles and crises in life, and to be able to get tailored insurances creates a great sense of security in life, said Simon Nilsson, Chief Customer Officer and Product Owner Insurance at Northmill.
Since 2017, Northmill has successfully established its insurance business and Simon Nilsson emphasizes its position as an important cornerstone in the company’s international growth journey.
“Similar to the finance sector, the insurance industry is a very traditional industry that needs to step up, adapt and move towards more personalized and tailored products. One example is what is commonly referred to as pay-per-day products. We are constantly exploring with new technology and believe that we in a longer perspective, will be part of re-shaping the insurance industry in the same way that we are about to do with the finance industry. For us, the technology has always been in the center and we are convinced that we through new technology will be able to create even better products for the policyholder of the future, explains Simon Nilsson.