Wrisk pulls the plug on its contents insurance app
Wrisk , the London-based startup established by Nigel Barton and Darius Kumana in 2016 to make insurance simple for consumers, is closing its contents insurance app to new customers and ending coverage to existing customers on April 15.
“It has been almost two years since we welcomed our first customers to Wrisk,” the startup wrote in a blog post. “You were the ones who helped us demonstrate that there is a better way to do insurance, one which is simple, transparent and personal. Our incredible community has supported us as we have learned, grown and developed our offering. The time has now come for us to take stock of these learnings and to make the hard, but necessary, decision to close Wrisk’s contents app, as we embark on the next phase of our journey.”
The startup states that partnering with “well-loved brands” to offer customers insurance at the point at which they buy a product or service, has proven to be the best way for them “to transform the insurance experience at its core.” The startup recently made headlines after teaming up with BMW Group Financial Services to offer three months of free car insurance; except these headlines come with an expiration date as the offer is available for vehicles registered and collected till June 30, 2020.
In their most recent crowdfunding campaign, which was completed in mid-April, Wrisk shared that as of February 2019, it had 4,000+ customers and £1.8 million+ in gross written premiums. Or in other words, 118 policyholders per employee, as the startup counted 34 employees in February 2019.
“We want to translate the knowledge we’ve gathered through your use of our app and take it into the next stage of our journey: helping bigger companies adopt our way of thinking.” – Wrisk.
Bottom Line: Those who can’t do, teach.