UK insurtech Wrisk has created a customisable platform empowering leading brands across industries, to build frictionless, mobile-first insurance experiences. Today, the company raised £4.6 million in Series A funding during an unprecedented period of market disruption.
Eyes to scale and grow
The investment round in Wrisk was led by QBN Capital along with participation from Guinness Asset Management and Cell Rising Capital. The company will use the funds to support its mission to transform how insurance is sold globally and develop a new standard that makes simplicity, transparency and customer ownership the norm. Furthermore, Wrisk will focus on growing its team and scaling its platform further to support client demand.
Nimeshh Patel, Wrisk CEO, said: “We’re constantly looking ahead to what the future of buying, working and traveling behaviours looks like, to ensure that insurance delivers on the evolving protection needs of customers. I am extremely proud of the work put in by the team over the past year to get us to this fundraise, which I hope is the start of an exciting scaling path for our product offering. We are restless to scale our vision but with better trust in insurance as our endgame, we are equally determined that none of this comes at the expense of a considered and thoughtful approach.”
“We are excited to invest and work with the Wrisk team supporting them to refine and perfect their offering, always staying ahead of customers’ tastes and the industry’s own evolution”, said Philea Chim, Senior Vice President at QBN Capital. “They have shown an incredible amount of grit during this tough period and have come out the other end, making us all the prouder to lead this round. The insurtech market is a highly competitive one, with headline grabbing fundraises being announced every week – but we believe Wrisk has the right team, values, technology and approach to change the industry from the inside and build one of the most sustainable offers out there.”
“We couldn’t be more pleased to invest in Wrisk” said Malcolm King, Fund Manager at Guinness Asset Management. “We believe Wrisk’s unique approach to deliver personalised insurance at the point of sale will bring huge benefits to the world’s largest brands and their customers. Wrisk already has an amazing track record and a prestigious client list in the automotive sector, and we think there is huge potential for them to develop that offering further. We look forward to working alongside our co-investors and management to help Wrisk realise the next phase of their growth and are very happy to be part of the journey.”
Car insurance on monthly subscription
Founded by Darius Kumana and Niall Barton in 2016, Wrisk launched a first-of-its-kind flexible monthly subscription-based car insurance product. It lets users pay for the miles they drive – in partnership with the RAC, one of the UK’s most progressive motoring organisations.
As there is a surge in the mobility trends such as electric and autonomous vehicles, and different car ownership models and driving patterns gain momentum, Wrisk intends to become an indispensable partner to the automotive industry by solving insurance implications of these changes.
Wrisk partners with leading insurance companies to provide the customers of automotive brands with mobile-first insurance at the point of sale. As a result, it aims to provide insurance that fits the customers’ needs and facilitates an all-important ongoing relationship between insurers, automotive companies and customers beyond the initial purchase. The insurtech ensures to redesign the consumer insurance experience and turn an intimidating and unclear process into a positive life choice.
Patel added: “Wrisk has come a long way on our journey from creating a contents insurance app to becoming a strategic partner to large automotive brands by building and operating mobile-first insurance experiences that their customers engage with.”
The post UK insurtech Wrisk redesigns customer insurance experience, picks £4.6M funding appeared first on UKTN (UK Tech News).
