Betterment is moving into phone insurance via partnership with tech provider Sure - Business Insider

of consumers have deposits of over £5,000 in accounts with neobanks, suggesting that many use digital-first offerings as a supplementary account.

By tying its insurance offering to the stipulation of using a Betterment debit card, the wealth manager can boost engagement with its services, and ultimately nudge users toward primary account status. What's more, the coverage option comes at no extra cost, which could further incentivize users to link their Betterment checking accounts to pay their bills.

Betterment should now add additional benefits to bolster its value proposition—and increase its competitive advantage. We think that expanding product suites via partnerships is a good approach to broadening offerings: Fintechs don't have to build new solutions from scratch, but can instead work with experts in a field they don't operate in.

Betterment, for example, could look to further build out its solid product suite by expanding insurance offerings beyond phone coverage via additional partnerships—SoFi, for example, with Lemonade, Root, and Ladder for its home insurance, auto insurance, and life insurance offerings, respectively. Moreover, by expanding its checking account offering, Betterment stands out from its digital wealth management competitors, many of which do not yet provide such insurance services.

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