Insurtech start up Wrisk looks to crowdfunding to top up £3m raise

Insurtech startup Wrisk is seeking to top up its initial funding of £3m. It has launched a crowdfunding campaign to raise an additional £500,000 before its launch in the first quarter of 2018.

Wrisk is backed by Hiscox, Munich Re and Bupa. Its app aims to give customers a “macroinsurance” option. Customers will be able to buy insurance straight from their smartphone and purchase multiple types of insurance in one plan.

App users will be assigned something known as a Wrisk Score, which is like a credit score for personal risk.

Wrisk’s aim is to appeal to more than half (61%) of all UK renters who have no contents insurance and the third (31%) of young people who have never bought travel insurance.

It has already formed a partnership with BMW after participating in its accelerator and it will be BMW Group FS UK’s provider of motor.

Wrisk co-founders Nigel 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.”

They continued, “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.”