Payments app Revolut is entering the Irish car insurance market.
It's introducing cover for an initial 3,000 customers, claiming rates will be up to 30 per cent cheaper than other providers.
People who have a subscription to one of Revolut's paid plans, and those who sign up to Smart Driving, can get further reductions.
Revolut insurance, with AIG, is expected to be rolled out to all of the app’s two million Irish customers over the coming months.
Business Editor Joe Lynam says Revolut wants to target younger drivers.
"They are going to act as a broke, basically.
"They might roll it out depending on what profit that they think they can make.
"There is also talk about Revolut selling mortgages in Ireland, which could be very interesting.
"The Chief Executive, Nikolay Storonsky, pledged to offer home loans.
"He said that the current process is somewhat antiquated."
Republic of Ireland
According to the Irish Times, the financial payments app has launched an insurance intermediary, selling AIG car insurance in the Republic.
The newspaper reports that "in a long-mooted move that may signal it is getting closer to executing other tentative plans, including offering mortgage loans in its own right."
They continued to say that "The company is initially offering the AIG insurance products to a few thousand of its customers, and will then roll out the service more widely, in a campaign that appears to be targeting younger buyers of car insurance.
"Revolut's entry into the insurance market as an intermediary will likely increase the competition for insurance brokers servicing the general market."
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