It’s a serious Wrisk
UK InsurTech start-up gets punchy — £3m investment; partnerships with Hiscox, BMW, Munich Re
WRISK: THE TECH STARTUP THAT WANTS TO MAKE YOU LOVE INSURANCE
● Wrisk plans to shake up the much maligned insurance industry with their smartphone app, which will make buying, maintaining and claiming on different types of insurance easy and painless
● The team have developed a unique Wrisk Score that’s like a credit score but for personal risk
● The startup has already secured partnerships with global brands such as Munich Re, Hiscox, BMW
● Existing investors include Oxford Capital, QIC, Hiscox and numerous angel investors
● Wrisk is today launching a £500,000 equity crowdfunding campaign on Seedrs
London, 23rd October 2017: Opaque pricing. Poor customer service. Endless forms. Insurance is a trillion dollar industry with a bad reputation, and it’s not hard to see why.
But one insurtech startup is hoping to change all that by allowing customers to buy different types of insurance — from motor to travel, home to health — through one simple-to-use mobile app. The team call it “macroinsurance”; covering multiple types of insurance in a single plan. Customers will be able to swiftly and efficiently buy, update and claim on their insurance anywhere, anytime and with immediate effect using their smartphones.
Wrisk is made up of 12 technology trailblazers and former insurance industry insiders turned game changers who are determined to transform personal insurance from the outside in. The Wrisk team have worked with actuaries and data scientists to develop a unique Wrisk Score that’s a bit like a credit score, but for personal risk. This will allow customers to really understand the risks they face in their day-to-day lives, laying out steps to reduce those risks and bring their premiums down.
As well as targeting consumers who already buy insurance, Wrisk will also appeal to a previously untapped mass market — those who avoid buying insurance in the first place because the process is so painful. This includes:
- The 61% of UK renters who don’t have contents insurance
- The 31% of millennials who have never bought travel cover
The business already has a number of high profile insurance partners, including Munich Re, Hiscox and QIC. Last year, Wrisk was also 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 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 will be BMW Group FS UK’s provider of motor, travel and home insurance.
Mike Dennett, CEO BMW Group Financial Services UK, said: “BMW’s Innovation Lab was designed to support the five strongest young companies in areas relating to automotive finance, of which Wrisk was a prime example. The insurance market is in desperate need of digital solutions that we can offer to our customers, and we are delighted that we will be giving our customers access to insurance through Wrisk. We have every belief that this business has significant potential ahead.”
Today Wrisk announces the launch of a £500,000 equity crowdfunding campaign on Seedrs, having closed an initial “super-seed” round of £3,000,000 earlier this year led by VC Oxford Capital, with the balance coming from angels and insurers including QIC and Hiscox.
The Wrisk app will launch in Q1 2018, starting with contents insurance, followed by motor later in the year.
Co-Founders Niall Barton and Darius Kumana said: “Insurance — the idea of sharing the loss of one against many — is a great idea, but frankly it’s embarrassing how badly it’s executed. We believe that consumers deserve better, so we’re giving insurance a much-needed digital upgrade. 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, one of Wrisk’s insurance partners, commented: “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.”
For more information, visit: www.seedrs.com/wrisk