Monzo has announced the launch of a new contents insurance product.

The company said it has build a “speedy application journey” with customisable cover that can be managed and tracked from the Monzo app.

Monzo customers can receive a quote after answering five questions.

The neobank said that it only asks what it needs to know, with the company filling out the rest based on information it already has about a customer.

Customers can choose how much they are covered for, including special, high-value items, and immediately see how customising their policy impacts the price.

The challenger bank has partnered with insurer Chubb for the contents insurance.

Chubb is the underwriter responsible for providing the cover and managing, approving, and paying out approved claims, while Monzo will collect monthly payments and help customers manage, change, or cancel their policy.

The new product is being rolled out over the next few weeks.

Monzo's foray into contents insurance comes off the back of a successful 2024, with the business reaching its first full year of profitability.

Across the 12-month period, pre-tax profits reached £15.4 million, while deposits soared by 88 per cent to £11.2 billion.

In August last year, Monzo was named the best bank in the UK for customer satisfaction, according to a major industry-wide survey.

The poll of more than 17,000 personal current account customers placed Starling Bank in second place and JP Morgan's Chase - which only launched in the UK three years ago - third.

The survey, which was organised by the Competition and Markets Authority (CMA) and is now in its seventh year, asked account holders to rate the quality of the services provided by their bank, including online banking, overdraft arrangements and their "in-branch" experience.

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