Hello! I’m Elsa, a Product Designer for the Insurance squad. I wanted to share more about our new feature that shows your insurance policies with other providers in the Monzo app.
With many types of insurance and hundreds of providers in the UK, it’s likely that you’re covered by several different providers. So “managing” insurance policies often means searching through emails just to find out who it was that you bought your travel insurance with this year, how much it cost you and when it renews.
We’re here to help with that - Monzo customers can now view their policies with other providers in the Monzo app.
We’ll try to identify policies that you’re paying for from your Monzo account and prompt you to connect them to Monzo. In many cases, we’ll pre-fill the insurance type, provider, renewal date, premium price and policy ID for you, so you can connect your policy in just a few taps.
If you pay for a policy from a different account, or if you have a policy that we haven’t managed to spot, you can add it manually and keep everything collected in one place.
Once you’ve connected a policy, we’ll remind you before it’s due for renewal whenever we can to help stay on top of things.
Are there T&Cs or a privacy policy to accompany this? Will the data collected from this be used in marketing? i.e. will people see “move your insurance to Monzo” ads similar to how some payments will trigger a similar message.
We’ll try to identify policies that you’re paying for from your Monzo account and prompt you to connect them to Monzo. In many cases, we’ll pre-fill the insurance type, provider, renewal date, premium price and policy ID for you, so you can connect your policy in just a few taps.
Sourced from where? I suppose you could get premium price from Monzo transaction history, but where do you get the other details from? Is there something like Open Banking within the world of insurance?
Every year I forget who my motorbike and car are insured with because I switch providers annually to avoid the massively inflated prices that come with auto-renewal.
They already put ads against payments to known insurers like Aviva so they are likely using MCC codes and payment history to work it out. If there’s one thing Monzo are not shy about it’s taking all the customer data they can and putting it to use.
I have seen some insurance payments having my policy number as reference, same as Amazon and eBay payments have an identifier that has links to order ID, same as bookings directly with Airlines.
I could see this from a legacy bank so I am sure Monzo too can.
Edit:
I have also checked my Aviva and Scottish widows DDs, reference is my policy number only that Aviva added some other 6 characters at the end.
I have this now. It’s very swish and pleased you can add insurers that aren’t in the list. Would it be possible to use providers that are paid by other accounts but connected to Monzo? That would save adding them manually.
Yeah I got it today too! I also wish it had an option for ongoing policies, it’s picked up my phone insurance and has assumed it’s renewed annually, but it’s actually month-to-month ongoing until cancelled
@elsac I think I’ve half got this in the app… but it doesn’t work properly or as expected.
It’s not showing that I have any connected policies, but when I try to add policies it tells me that the policy is already connected (this appears to be based on the policy numbers which are noted on the DD’s).
I’m guessing I’m in a half in / half out situation where you’ve predicted from my bills, but not yet surfacing them. Which isn’t particularly useful and not good UX design.
