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).
Want to continue reading?
Sign up for our newsletter to read the full article and receive the latest news about innovation in insurance and Insurtech straight to your mailbox every week. Already signed up before?
- Join over 20,000 other insurance executives to receive the latest innovations in insurance
- Be the first to read our Insurtech editorials
- Stay tuned for the latest community news
- Get access to exclusive offers!