BMW starts InsurTech partnership with Wrisk
Written by Peter Walker
BMW Financial Services has partnered with Wrisk in a deal that will see the InsurTech startup become the sole supplier of BMW and MINI car insurance.
It follows Wrisk’s time in the first BMW Innovation Lab last year, which saw the team win on the final pitch day after developing the platform now being used.
Wrisk’s consumer-facing app will enable customers to buy and manage multiple types of insurance in a single plan. The firm recently completed a second Seedrs crowdfunding raise, meeting its £500,000 target in just two days, and eventually raising just over £1 million.
The firm will offer direct to consumer car insurance for both BMW and MINI, along with supporting retailer insurance sales, with a seven-day complimentary car insurance product that will be offered to customers who purchase a new or approved used vehicles through the BMW and MINI network.
Niall Barton, co-founder and chief executive at Wrisk, said that te insurance industry has been slow to keep up with the demands of today’s tech-savvy and digital-first audience.
“Wrisk is the new kid on the block, this means we move quickly and innovate at speed, in a world where convenience is king, this is invaluable – rebuilding insurance to fit around how the consumer wants to interact with their insurance provider and engaging on their terms.”
Steve Cann, general manager for insurance solutions at BMW Financial Services, said that the market for vehicle insurance is changing dramatically. “We have worked closely with Wrisk to come up with ways as to how we can future proof these services, the result is a platform that offers on-demand services and products that are hyper-convenient for the customer.”