BMW Financial Services UK announces insurance partnership with Wrisk
The UK start-up Wrisk will provide BMW and Mini car insurance and launch a seven-day complimentary car insurance offer to provide peace of mind to new BMW and Mini vehicle owners, giving them more time to consider insurance options.
Wrisk is a consumer-facing app that will enable customers to buy and manage multiple types of insurance in a single plan. The firm recently completed a crowdfunding raise, meeting its £500,000 target in just two days.
The Wrisk platform was developed during Wrisk's time at the BMW Innovation Lab, a corporate technology incubator, in 2016. The Lab provides an opportunity for early-stage start-up companies to partner with BMW Group's UK commercial divisions. It is aimed at companies with disruptive business models or new technologies that could benefit BMW customers.
Niall Barton, Co-Founder and CEO at Wrisk, said: “The 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, engaging on their terms.”
Steve Cann, General Manager, Insurance Solutions at BMW Financial Services (GB) Ltd, said: “Like it or not, the market has changed dramatically in the past ten years. We have gone from very traditional means of providing insurance, to opening up online. Now, it is about offering on-demand services that are hyper-convenient for the user.”