Once again, we're faced with a dilemma we now see here frequently at FintekNews. What category do we file this story under - insurtech or crowdfunding, because it's both. UK-based insurtech Wrisk has launched a crowdfunding campaign on Seedrs, led NOT by a millennial, but rather a 39-year insurance veteran. Their app enables customers to buy several types of insurance, including motor, travel, home & health. The insurtech category continues to see major disruption, and we find it refreshing that the team behind this startup has some significant industry experience under their belt.
(Cindy Taylor/Publisher)
Wrisk wants to give insurance a digital upgrade and it is crowdfunding on Seedrs to finance its vision of of insurance. Wrisk is seeking a minimum raise of £500,000 at a pre-money valuation of £7 million. Launched today, the Insurtech company has already raised over £200,000 towards its first funding hurdle. Wrisk closed an initial “super-seed” round of £3,000,000 earlier this year.
Citing opaque pricing, horrific customer service and infinite paper forms, Wrisk wants to shake up the antiquated insurance industry with their smartphone app that makes purchasing insurance and filing claims a breeze. Wrisk says it has already secured partnerships with global brands such as Munich RE, BMW and Hiscox. Early investors include Oxford Capital, QIC, Hiscox and multiple angel investors. Last year, Wrisk was also selected to join the 2016 BMW Innovation Lab – the first ever Fintech business incubator in the automotive sector.
So who is Wrisk?
The Insurtech is co-founded by Niall Barton, an executive with a 39 year career in traditional insurance. Barton, who is CEO of Wrisk. has been both a broker and underwriter. From 1984 to 2002, Barton was a director of DP Mann Holdings Ltd. He became Director of Underwriting in 1994 and continued the role till becoming Chief Executive Officer in 2000.
Barton is joined by Darius Kumana who is described as an expert UX practitioner. Kumana was previously Head of Digital at specialist insurer Markel International where he helped build out their digital capability..."
Full Story at CrowdfundInsider