BMW Financial Services (GB) Ltd. has announced a partnership with insurance technology firm Wrisk. The deal, which will be effective from August, places Wrisk as the provider of BMW and MINI Car Insurance in the UK.
The partnership will also see BMW and Wrisk launch a seven-day complimentary car insurance product that will be offered to a customer who purchases a new or approved used BMW or MINI vehicle, through the BMW and MINI network. The seven-day proposition aims 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 second Seedrs crowdfunding raise, meeting its £500,000 target in just two days, and eventually raised just over £1 million.
The platform now being used to supply BMW and MINI Car Insurance 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 startup companies to partner with BMW Group’s UK commercial divisions.
The BMW Innovation Lab is aimed at companies with disruptive business models or new technologies that could be used to benefit BMW customers. Wrisk was one of four startups that took part in the first Innovation Lab that have now gone on to develop long-term business relationships with the automotive firm. The second BMW Innovation Lab was announced in September 2017, with a further four firms being incubated in 2018.
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.”
Cann added: “This has been made possible because of the BMW Innovation Lab. As a customer-first business, we want to ensure that we deliver value. But as a large global firm, we can often be slow to innovate. Collaboration with disruptive technology players is the only way our industry can ensure it continues to thrive and modernise. We are excited at the opportunities this presents us, and look forward to continuing to innovate with more companies like Wrisk.”