London-based B2B2C insurtech Wrisk has raised £4.6 million in a Series A round led by QBN Capital and saw participation from Guinness Asset Management and Cell Rising Capital. The funding is expected to further scale the platform, as well as develop partnerships with automotive brands that are adapting to shifting mobility trends. As a demonstration of this strategy, Wrist has partnered with the RAC and now offers a monthly subscription-based pay-for-the-miles-you-drive insurance package.
“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,” comments QBN SVP Philea Chim. “The insurtech market is a highly competitive one; 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.”
With the usage of electric and autonomous vehicles on the rise and non-traditional auto ownership and driving patterns emerging, Wrisk is seeking the pole-position when it comes to coverage. To this end, just last month, the firm announced its first-of-a-kind partnership with the RAC which offers drivers a monthly subscription-based service that allows customers to pay for the miles they drive.
Often a headache for automotive makers and retailers, Wrisk is mitigating the process by providing brands with mobile-first insurance at the point of sale. In doing so, they’re facilitating the ongoing relationship between customers, insurers, and makers.
“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,” adds CEO Nimeshh Patel. “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.”
Jonathan Ross was unavailable for commentary.