Uzum Bank has added the ability to issue travel insurance online to its mobile app. Users of the Uzbek bank can now buy a travel policy with coverage in any country in the world directly from the app.
What is Available to Users
The new feature appeared in version 2.40.0 of the Uzum Bank mobile app. Users can take out insurance for various purposes: obtaining a visa, working abroad, playing sports, and regular trips. The policy is valid in one or several countries of the client’s choice.
Coverage includes basic medical expenses: dentistry, hospitalization, medications, and other medical services. Insurance can be issued online from anywhere in the world, and the ready policy is stored in the bank’s mobile app.
First in Uzbekistan
Uzum Bank has become the first bank in Uzbekistan to integrate travel insurance into its mobile app. This expands the ecosystem of digital financial services of the bank, which already offers cards, transfers, payments, and micro-lending through a single app.
For the Uzbek market, this is an important step in the development of banking ecosystems. The country is actively developing tourism and simplifying its visa regime, which increases the demand for travel services, including insurance.
Why It Matters
The integration of insurance products into banking apps is a growing trend in Central Asia. Banks are striving to become universal financial platforms where a client can solve most money issues without switching to other services.
The main signal here is that Uzbek banks are starting to compete not only with cards and transfers but also with additional services. This may push other banks in the country to launch similar products.
What’s Next
The success of the new feature will show whether Uzbekistanis are ready to buy insurance through a banking app rather than through specialized insurance companies or travel agencies. If demand proves high, other banks in Uzbekistan may follow Uzum Bank’s lead.
For the bank itself, this is another step towards building a full-fledged financial ecosystem where the client can get a maximum of services in one place.