Wrisk: Insurance made so simple it’s almost unrecognisable

Wrisk: Insurance made so simple it’s almost unrecognisable

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on 16 Apr, 2018

London-based Wrisk combines insurance and technology in one simple app. Starting with contents insurance, Wrisk will expand its offering to serve the insurance needs across different aspects of people’s lives. From buildings and motor to travel, health and professional; Wrisk will bring everything together into one simple plan that can grow with its customers.

Wrisk is about more than just buying insurance, it’s about managing and understanding risk. Developed with the use of advanced data science and actuarial techniques, the unique Wrisk Score is like a credit score for personal risk, enabling better, more transparent pricing. By gathering data from connected tech, they stay accurate without being annoying. By giving customers control of what they share, they can be clever without being creepy. Wrisk puts customers back in control and wants to change the way people think about and buy insurance. Insurance needs to meet the demands of flexible working, the stay-at-home parent, a new graduate. At Wrisk they believe there is a better way to deliver insurance so Wrisk is insurance made simple, transparent and personal.

Wrisk’s MVP is now ready.  A closed beta trial has started in April with 200 invited users.
The startup plans to engage not only those who are already insured, but also people who’ve never bothered with insurance. Working with partners such as BMW, Hiscox, QIC and Munich Re, they aim to capture existing market share and build an entirely new mass market too. Their insurance is underwritten by Great Lakes. They will launch in the UK later this year.

In 2019 and beyond, Wrisk has a number of future paths to explore. This extends far beyond enhancing their buildings and contents offerings with new rating factors (e.g. smart homes) or adapting their motor product to cater for new insurance paradigms (e.g. splitting liability between manufacturers and individuals in the era of level-4 autonomous driving).

Distinguishing features:

  • Wrisk Score: Like a credit score for personal risk, the unique Wrisk Score shows in real time how the insurance price is being calculated. Answer a question, see the score change and understand the effect the answer has on the price.
  • Balance & Top Up: Wrisk offers customers the flexibility to have cover for as long as is needed. Through monthly payments via Apple Pay, customers have a clear view of monthly outgoings, providing cover when customers need it. They make it possible to ‘top up’ any amount anytime or automate payments. Customers can cancel at any time without penalty.
  • One Plan: Wrisk will soon add on more types of insurance which all connect to each other, and the customer. This unified, interconnected approach is known as ‘macroinsurance’, and will make it easier for customers to manage total insurance needs in one place, under one plan in a simple app. Insurance lines can be added and removed at any time.   

How it works
Customers are given a unique Wrisk Score which provides the information they need to understand their risk and risk profile. The more information provided, the more accurate the score becomes, empowering customers to get a better score and reduce their premiums. They can update their details and manage their policy anytime, anywhere and it takes effect immediately.

Why we selected Wrisk for DIA Amsterdam
Wrisk has been developed with the customer front and centre.  They have conducted over 700 customer research sessions.  They are constantly testing and refining their experience. The product itself is not a buy and forget.  Wrisk offers a perpetual policy, allowing customers to add/remove items or lines of insurance as they need. The entire app experience is a new, simple and engaging way to buy insurance.  Wrisk introduces an element of gamification to appeal to today’s connected generation. Their approach puts a whole new light on customer engagement.

At DIA Amsterdam, Darius Kumana, Co-Founder and Chief of Product, will showcase the full Wrisk MVP experience for Contents Insurance.

Who is Wrisk?
Wrisk was founded in 2016 by Niall Barton and Darius Kumana and has hit a number of milestones already, including becoming authorized by the Financial Conduct Authority (FCA) and attracting £638,741 through crowdfunding and £3M in a super seed round led by venture capital firm, Oxford Capital Partners.

Niall Barton has had a 39-year long career in insurance, as both a broker and an underwriter, and has gone on to be on the board of several companies. Niall deeply understands the world of insurance and wants to change the status quo with Wrisk. Darius Kumana is the digital guy. He is an expert UX practitioner and led the Experience Design Practice for ThoughtWorks Europe for several years. He was also Head of Digital at specialist insurer Markel International, where he built out their digital capability.

They are headquartered in London and work with partners such as BMW, Hiscox, QIC and Munich Re.

Wrisk is an insurtech venture that delivers motor, travel and home insurance directly through smart phones. “The benefit of connecting direct to customers through an app, is that it’s possible to improve the efficiency, accuracy and transparency of insurance,” which reduces costs and makes customers’ lives easier”. Darius Kumana, CPO & Co-Founder

Website: www.wrisk.co

Presenter 1: Darius Kumana
Presenter 2: Nimeshh Patel

Contact info: Sima Patel
Email: sima@wrisk.co

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