Consumers will soon be able to purchase 'macro insurance' on their smartphones

An insurtech startup is aiming to change the face of the insurance industry by allowing its customers to buy different kinds of insurance through a mobile app.

The company, Wrisk, has launched a crowdfunding campaign on Seedrs today (October 23) with a hope of raising £500k. This comes after Wrisk closed a £3m round earlier this year, led by Oxford Capital.

Wrisk is made up of 12 tech innovators aiming to transform personal insurance - from motor, travel, home and health. The team is set to launch the mobile app in January 2018.

Wrisk’s co-founders, Niall Barton and Darius Kumana, said: “Insurance – the idea of sharing the loss of one against many – is a great idea, but it’s embarrassing how badly it’s executed.

“We believe that consumers deserve better, so we’re giving insurance a much-needed digital upgrade. Wrisk will truly transform the user’s experience of buying, updating and claiming on their insurance. We are extremely excited to offer our future customers the opportunity to own shares in Wrisk through Seedrs, and to play a part in shaping our ambitious future.”

As well as targeting consumers who already purchase insurance, Wrisk aims to appeal to a previously untapped mass market - including those who avoid buying insurance altogether because the process is too hard.

Initially, the company will launch contents insurance with the app, closely followed by motor insurance later in the year. Coined ‘macro insurance’, the app will cover multiple types of insurance in a single plan.

Customers will be able to buy, update and manage their insurance policy using their smartphones with ‘immediate effect, anywhere, anytime’.

Working with data scientists, Wrisk has developed a ‘Wrisk Score’ - rather like a credit score - that will allow customers to understand the risks they face with insurance, and to bring their premiums down.

The company has already worked with insurance partners including Munich Re, Hiscox and QIC. In addition, Wrisk was also selected to join the 2016 BMW Innovation Lab, the world’s first ever fintech business incubator for the automotive industry.

Mike Dennett, CEO of BMW Group Financial Services UK, said: “BMW’s Innovation Lab was designed to support the five strongest young companies in areas relating to automotive finance, of which Wrisk was a prime example.

“The insurance market is in desperate need of digital solutions that we can offer to our customers, and we are delighted that we will be giving our customers access to insurance through Wrisk. We have every belief that this business has significant potential ahead.”

This has resulted in the formation of a new partnership with the two companies. Wrisk is now to become BMW Group FS UK’s provider of motor, travel and home insurance.

The Wrisk app will be launched in Q1 2018.