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Wrisk is rethinking insurance for the connected generation

In View Summary

Wrisk is a UK-based InsurTech that offers content insurance for phones, laptops and devices whilst planning to extend its offering to cars, health, home etc. Its ambition is to rethink, redesign and re-engineer the entire insurance experience and it is working with top insurers such as Munich Re and Hiscox.

In 2016, Wrisk was selected to join the 2016 BMW Innovation Lab – the first ever fintech business incubator in the automotive sector. The programme gave Wrisk access to BMW Group Financial Services (UK), helping the team to gain a much clearer understanding of the insurance needs of BMW customers and the fundamental changes that lie ahead in the automotive sector. This has resulted in the formation of a brand new partnership, whereby Wrisk is BMW Group’s UK provider of motor, travel and home insurance.

Wrisk promises transparency with both the Wrisk Score and a dramatically shortened user journey

Wrisk bases its offering around transparency (the Wrisk Score), billing (subscription-based) and single plan (Macroinsurance policies). The core elements of these include:

a. Wrisk Score – Works like a credit score for personal risk. Helps customers to understand their risks, lay out steps to mitigate them and claim premium discounts

b. Subscriptionbased billing – Monthly payment with no extra charges for cancellations or flexible payments

c. Macroinsurance – Multiple insurance covers under a single plan

Niall Barton and Darius Kumana, Wrisk Co-Founders said: “Wrisk will truly transform the user’s experience of buying, updating and claiming on their insurance. And while it’s no easy task, we’re delighted that household names such as Munich Re, Hiscox and BMW are willing to lend their support and help us realise our vision. We are also extremely excited to offer our future customers the opportunity to own shares in Wrisk through Seedrs, and to play a part in shaping our ambitious future.”

Bronek Masojada, CEO of Hiscox, has said of the partnership: “We were attracted by Wrisk’s innovative approach to understanding and improving the insurance customer’s experience. Their commitment to innovation and customer focus are very much in line with the Hiscox values and we are proud to partner with them.”

Currently, Wrisk is only available as a beta version on iOS in the UK, but has plans to expand into the US and Europe.

Reported Benefits

Benefits to customers

  1. Transparency
  2. Flexible pricing and payment
  3. Single plan covers all
  4. Real-time
  5. Quick turnaround
  6. Improved customer experience
  7. Customised product & services

Benefits to insurers

  1. Improved customer experience
  2. Reduced operating time and costs
  3. Real-time customer insights
  4. Innovation

The Digital Insurer's View

Wrisk is attempting to tackle the same problem that many in the industry have identified, endeavoring to bring transparency, competitive pricing and hassle-free single insurance plans for several risks.

References

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