Digital smartphone-based bank Revolut is introducing car insurance for Irish customers that they say will "radically undercut" existing providers.
The new service will be launched later today in what is a major departure from their online banking model.
A spokesperson for the company has said Revolut car insurance will be a "hassle-free user experience" and the first insurance to be completely app-based.
They continued: “Focused on flexible and transparent pricing, Revolut’s refreshed price benchmarking offers premiums of up to 30% cheaper than the next best provider in the market."
Those interested in availing of the new product can sign up for a waiting list from today (March 22) ahead of an official launch later in the spring.
Revolut says further discounts of up to 25% are available if customers avail of a smart-driving feature, which entails the plugging in of a device directly to a car accessory socket enabling prices to reflect a driver's behaviour. Those who use the smart driving feature will allegedly have the ability to get better rates every year.
Revolut To Offer Irish IBANs to Customers
The development follows news from earlier this year that Revolut will being to offer Irish bank account details to customers after setting up an Irish branch of its European business.
Previously, Revolut users were issued a Lithuanian IBAN for their Euro account.
Over two million Irish customers will be offered an Irish IBAN over the coming months, which the company said will be better suited for using Revolut as a primary banking account.
Revolut said some Irish customers previously experienced "IBAN discrimination" with the Lithuanian details, causing difficulty for those who wished to get paid into their Revolut account, or use it to pay direct debits and utility bills.
The company said the change will also make it easier for customers to switch their accounts from traditional banks.
The migration to Irish IBANs will take place on a phased basis, with customers receiving an email in the coming weeks giving them two months' notice of the change.
Revolut added that customers' current (Lithuanian) IBANs will continue to be able to receive payments for two months after a new (Irish) IBAN has been issued for the account.
