Monzo Insurance Offerings

Interested in any thoughts on Monzo offering insurance products, either as a distributer of a manufactorer such as Aviva or L&G etc or as an introducer in a Marketplace type offering?
Is it a good opportunity or due to aggregators and competition is it a dead horse?

Personally, I think they should sort the banking side of things out before they dip their toes into other industries.

What elements do you feel they need to sort out of their banking offerings?

A simple introducer insurance relationship wouldn’t take much work for Monzo as the insurer would be responsible for the insurance offering, Monzo would just introduce customers via the app…

Have a look in the feedback topic on here and sort by votes to view the features most shouted about. There’s all sorts of ways Monzo can improve :slight_smile:

The same for most banks and financial institutions though I guess? They could always do better and enhance services, apps or processes.

I have read about the Marketplace Monzo wanted to create and think insurance would be pretty good starting place followed by mortgages and protection as they would be great additions. Or even offer these products themselves - I heard credit cards weren’t far away.

The marketplace idea was canned a long time ago unfortunately.

Thats a shame. Is there a published road map any longer?

All the more reason for offering more products or introductions…

No roadmap either. That’s in the feedback section too, so be sure to vote for it :+1:

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A short list would be;

A better way to pay in cash (free),
A better way to pay in cheques,
Reliable incoming international transfers,
A smoother method for outgoing international transfers,
Joint account parity,
More reliable acceptance (not totally in Monzo’s gift, but it still comes up occasionally).

I’m sure there are others I’ve forgotten.


Sensible list and understand why you would suggest these, but for the sake of good debate:

Top two don’t offer any long term value for personal banking in a cashless/cheque free future - maybe business banking. I haven’t written a cheque for well over 10 years!!

International transactions I can understand enhancements would be worthwhile and joint account parity.

Not sure they warrant delaying wider product offerings though???

They could be developed in tandem if resourcing allowed?

There are still plenty of cheques being written, and plenty of people being paid in cash - these are often low paid workers who can ill afford £1 every time they want to deposit.

They could, and yet Monzo haven’t shown the slightest indication they want to.

For clarity, I’m not saying Monzo should sort these things out, just that I think they should be a higher priority than becoming yet another insurance broker.

I’m quite happy using other banks for the features Monzo doesn’t yet fully support.

Also, I forgot Customer Service from the list. For a bank, it’s abysmal.

Agree, for now. But long term I think these will be relics. Cheques were due to be removed from the system but businesses disputed it, only time until they are withdrawn…

Aren’t they all, apart from First Direct from what I hear?!

I’m sure you aren’t the only one. I like to think that as Monzo matures they will develop functionality to meet all customer needs, unless the model and target market doesn’t need such functionality of course…

Yeah, I think that is a good idea. Monzo Platinum offers some insurance as part of its package. It would interest me if it offered say the option of a choice of 3 kinds of insurances/3rd party services as part of its package. Apart from the mobile phone insurance, the others are of no use to me, so pointless for me to hand over £15. Also, I changed from a mainstream account that offered a bundle for the same price of £15 and it did offer more.

Having more options would be a better option. We’re all different and we don’t all require the same deals in life for example Car Breakdown. We don’t all possess a car, but Breakdown cover (or at least the basic with option of upgrading with the service supplier. Another customer could choose discounted Home Insurance etc. The ideas are limitless.

This kind of thing will separate Monzo from what we’ve been used to for so long.

Like any business Monzo has to make money in order for it to survive and I really want it to show the other banking companies how to treat customers well, whilst it’s making its way. It’s the reason we’ve changed to Monzo because we’re tired of being exploited and want something to work for us customers as well as for the company.

Also Monzo needs to improve & increase its partnering deals for discounts. Maybe increase with the perks of the different account tiers. (Oh no, not the “tiers” word - its almost as bad as the word Brxt)!! Lol

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Not for Monzo. Having a fixed package helps to keep the costs down.

I agree and I like the packaged account, I’ve Got Monzo plus. However it has to be of benefit to the customer to have it and I would chose it, if it were applicable to me. No point in paying £15 a month for a product that I would have no use for, but I would pay for, if it did. :slightly_smiling_face: