German automaker BMW has chosen two-year-old London-based insurtech company Wrisk to be its sole insurance partner in the UK after the company recently completed a ten-week stint in its innovation lab.
It is a case study in the unexpected benefits of entering a corporate innovation programme, with Wrisk entering as a wildcard candidate last year and ending up with a commercial agreement to be the sole insurance provider distributed by BMW's financial services arm in the UK.
As a result the carmaker is ending an existing partnership with a legacy insurance provider, and any insurance sold directly via BMW or Mini networks in the UK will now be via a platform designed by Wrisk, including the possible reintroduction of seven day free drive away insurance.
Wrisk is one of a number of insurtech startups looking to simplify the process of buying insurance, predominantly through a mobile app and by better use of customer data. It is underwritten by Great Lakes, a subsidiary of Munich Re, and is regulated by the Financial Conduct Authority.
It aims to provide customers with a single platform for all of their insurance policies, with transparent access to the information insurers keep on them with what they call a Wrisk Score. The BMW insurance product will be offered through a web-based platform however.
The carmaker is ending an existing partnership with a legacy insurance provider, and any insurance sold directly via BMW or Mini networks in the UK will now be via a platform designed by Wrisk