Betterment, an American financial advisory company providing robo-advising and cash management services has announced that the company has partnered with InsurTech company Sure to provide cell phone insurance to Betterment Checking users, offering coverage for phone damage or theft.
The offering is available to any Betterment Checking user that pays their monthly cell bill with their Betterment Visa Debit Card. Betterment Checking is the company’s no-fee checking account and Visa debit card for daily purchases, made available through Betterment Financial and provided by nbkc bank, Member FDIC. The account reimburses global ATM fees and foreign transaction fees while reducing all overdraft fees and minimum balance requirements.
To file a claim, users have to demonstrate that their previous month’s phone bill was paid in full on their Betterment Visa Debit Card. Betterment Checking users can then file their claims, view their status, and get reimbursed with supported from Sure platform. Sure is an InsurTech company powering digital insurance programs for the world’s most recognized brands and carriers.
“With Betterment Checking, our goal is to provide a product that helps customers make the most of their money, so they can live better. When it comes to debit and credit cards, consumers have come to expect banks to offer perks, including insurance, at no additional cost. As we look to meet and exceed the expectations of our customers, we’re excited to partner with Sure to offer cell phone insurance, to help mitigate the impact of a potentially large unexpected expense. It’s yet another way we’re looking out for our customers’ financial health and stability, in the pursuit of our mission,” said Mike Reust, President of Retail at Betterment.
The cell phone insurance is provided by a global leading insurance company, and customers will receive up to $600 dollars per claim with a maximum of two claims for a period of 12 months, with a $50 dollar deductible for each claim.
“We’re thrilled to partner with Betterment to help improve and simplify the financial lives of their customers. Betterment leverages Sure’s SaaS Platform to embed cell phone protection as a benefit for their checking account customers. This unique offering focuses on fulfilling the everyday needs of consumers while driving innovation in fintech and personal finance,” said Sure Co-Founder and CEO Wayne Slavin.
Betterment was founded in 2010, in the wake of a financial crisis, to be a place built to help people do what’s right with their money so they can live better. It is a smart money manager that offers everyday services for spending and saving, alongside their core investing & retirement solutions.