British travel company Thomas Cook has partnered with fintech firm Revolut to launch a “pay-per-day” travel insurance service which automatically provides users with medical cover by tracking their location through their mobile phones. Revolut, the digital bank start-up, said it could pinpoint customers’ location through its app technology and automatically turn on the coverage when required, starting at less than 1 pound ($1.38) a day. “We wanted to create a type of insurance that uses technology to help our customers and only cover you on the days you actually needed to be covered,” Revolut CEO Nikolay Storonsky said in a statement.

https://www.reuters.com/article/thomas-cook-grp-insurance-revolut/thomas-cook-partners-with-fintech-firm-for-pay-per-day-travel-insurance-idUSL8N1PC1FR