31 May 2018Insurance

Munich Re-backed insurtech Wrisk raises additional £0.5m

Insurtech startup Wrisk, which is  backed by firms like Munich Re, Hiscox and QIC, has raised over £500,000 in two days in its second crowdfunding campaign.

This follows Wrisk’s crowdfunding campaign in October 2017, which raised £600,000 from over 500 investors across 27 countries in under a week. Since then, the startup has gained FCA authorisation and launched the beta version of its app for purchasing contents insurance. The company has also recently entered into an agreement to deliver BMW’s insurance for vehicles sold in the UK.

Wrisk combines insurance and technology in one app. Starting with contents insurance, Wrisk will expand its offering to serve the insurance needs across different aspects of people’s lives. From motor to travel, health to professional, Wrisk will bring everything together into one plan that can grow with its customers, the company claims.

Customers are given a Wrisk Score which provides the information they need to understand their risk. The more information provided, the more accurate the score becomes, empowering customers to get a better score and reduce their premiums, the firm says.

The insurtech firm added that it is seeking as many investors as possible on the next phase of their growth trajectory.

"Wrisk may be the new kid on the block, but we’re extremely proud of what we’ve achieved already," said co-founders Niall Barton and Darius Kumana. "In a relatively short space of time, we’ve formed partnerships with the likes of Munich Re, BMW and Hiscox, gained FCA authorisation, launched our first insurance line and got our app into the hands of real customers who are already giving us great feedback."

"We are delighted by the response we’ve received to our second crowdfunding campaign. For us, crowdfunding has always been about much more than just investment. It’s allowed us to build a community of not just financial backers, but supporters, advocates and customers, and we can’t wait to welcome both new and old faces to that community as a result of this current round,” the co-founders added.

Make sure you are GDPR compliant and  confirm your email address to keep getting our daily emails

More of today's news

AIG carries reserve cushion first time since 2010

Icahn slams AmTrust go-private voting process

Mt. Logan Re CEO steps down

Hamilton forms new capital management unit; hires Horseshoe COO

Beazley to split specialty lines

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
26 June 2019   Insurer Allianz has entered into a strategic motor insurance agreement with insurtech startup Wrisk, which is backed by firms like Munich Re, Hiscox and QIC.
Insurance
13 September 2018   UK insurtech startup Wrisk, which has now raised £1 million via crowdfunding website Seedrs, has secured a deal to become the sole BMW and MINI Car Insurance in the UK.
Insurance
9 April 2018   Insurtech startup Wrisk, which is backed by firms like Munich Re, Hiscox and QIC, has made leadership appointments following its latest funding round that is said to have surpassed its target of £500,000 in under five days.