Chase: Expanding UK Footprint with Insurance Product

Chase has introduced its first insurance product to the UK market. The feature, titled Chase Protect, marks an expansion for the digital bank beyond its established savings and current accounts. 

The service operates as a monthly subscription for £12.50 (US$17.12). This structure differs from traditional insurance models which require customers to manage several separate policies through different portals. 

Chase Protect bundles worldwide travel insurance, mobile phone protection and UK breakdown cover into one digital interface. The bank developed this offering to address consumer demand for consolidated financial management. 

This move places the firm in competition with traditional high-street lenders that provide packaged bank accounts. The bank manages the service through its existing mobile application to provide a single point of access for its customers.

The Chase app integration

The integration of Chase Protect into the mobile application aims to reduce administrative friction for users. Customers perform the purchase and manage the policy lifecycle through the app. 

Harish Iyer, Head of Insurance at Chase, says: “We’re excited to introduce Chase Protect, a simple and affordable way for our customers to safeguard what matters most.” 

Harish notes that the product allows users to manage claims without leaving the digital environment. The launch serves as a step in the evolution of the bank as it attempts to provide a broader range of financial services. 

While Chase provides the digital front-end, it utilises a network of specialist providers for the underlying services. These partners include Collinson Insurance, Assurant, and the AA. 

Harish notes: “By bringing together essential insurance coverage in one easy-to-manage bundle, we’re helping make protection more convenient and better value – all via the Chase app.”

Collinson and Assurant provide core cover

The travel insurance component of the bundle comes from Collinson. This policy provides multi-trip cover for the policyholder, a partner, and four children.

The terms include £20m (US$27.3m) for emergency medical expenses and £5,000 (US$6827) for trip cancellations. 

For mobile device protection, Chase partners with Assurant. This element of Chase Protect covers loss, theft, and damage on a global scale. 

The policy allows for four approved claims during a 12-month period. The final component is breakdown cover provided by the AA.

This service ensures roadside assistance for vehicles that break down more than 400 metres from the home of the policyholder.  By including these specific third-party providers, the bank maintains the depth of individual components within the consolidated monthly fee.

The rollout of the insurance suite begins today, allowing the bank to monitor service integration as the user base grows. 

Chase expands its existing digital ecosystem

Chase Protect functions as an optional addition for individuals who hold a current account with the bank. The service joins a suite of existing features including the Chase Saver account and cashback incentives. 

This strategy encourages users to centralise their financial activities within one institution. Since arriving in the UK in 2021, the firm has sought to increase its market share through various partnerships. 

Recently, the bank replaced Google as the Official Payments Partner for Transport for London. This arrangement enables customers to receive 1% cashback when using debit cards or digital wallets on 5,000 contactless readers across the Tube, DLR, Overground, and Elizabeth Line.