The company’s principles, mission and vision remain the same, but the channel through which it delivers these goals is ‘evolving’ says chief exec
Insurtech Wrisk is closing its contents insurance app.
Nimeshh Patel, chief executive at Wrisk, told Insurance Times that it announced the move earlier this week - all customers have been notified and the organisation is in constant communication with them to answer any questions.
“The reason why we’ve done this goes back to our mission to transform the way insurance is sold globally,” he said.
”While we initially chose the route of engaging directly with customers to make it happen, partnering with bigger brands to offer flexible insurance at the point of sale has proven to be the best way for us to positively change the insurance experience at its core.
“Our principles, mission, values and dedication remain the same – it’s the channel through which we deliver on them that is evolving.”
Existing customers will continue to be covered until 15 April, after which their cover with Wrisk will come to an end.
Patel continued: “We became the primary car insurance provider to BMW UK Financial Services in September 2018. This partnership has transformed our business and has made a far greater impact on the way insurance is sold to people, thanks to BMW UK FS’s scale and capabilities, than we would have made on our own.
“Since then, we’ve gone on to secure the RAC as a partner and Allianz Automotive. Today, some 90% of Wrisk’s customers have come via our partnerships, and we’re currently working with BMW on the next iteration of the MINI Flex Car Insurance product we launched in December, which will bring faster integration of customer data to save time at the checkout.”
But, the insurtech’s commitment to partnerships is not new – its earliest partners include the likes of MoneyBox and student service provider Resooma.
Wrisk believes that there is a fundamental need for a new standard in insurance that puts the customer at the centre and enables a digital relationship beyond purchasing insurance.
Meanwhile he said that the development of Wrisk’s app has allowed it to show large global brands what is possible with the Wrisk approach – learning what its customers want from the insurance experience.
“Whilst it is never easy to let something go, we’re still about making better insurance services available to customers at scale. We want to put our world-class, enterprise grade technology platform, capable of delivering personal lines of insurance in a single experience, at the disposal of the world’s largest brands and insurers to protect the things their customers care about,” Patel said.
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