Mobile-based insurance startup Wrisk has closed its contents insurance app to new customers.
Existing customers of the service will continue to be covered until April 15 2020. All customers have been given additional information with their next steps.
In a blog post announcing the closure, the company said, “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.”
Wrisk, which was founded in 2015, is a customisable platform which enables automotive, retail, telecommunications and others to create digital insurance experiences. Its contents app let users select what items they wished to cover and for how long.
It said, “While we initially chose the route of engaging directly with customers to make it happen, we’ve found a more impactful way to ensure more people are able to protect the things they care about.”
The company decided to close the contents part of its business as it found partnering with brands to offer customers a flexible insurance policy at the point where they buy a product or service was more beneficial.
Wrisk went on to explain it has formed partnerships with companies including Allianz Automotive, RAC, BMW and MoneyBox which has helped it provide customers with insurance. It claims that around 90% of its customers came through its partnerships.
The company added, “It is our firm belief that there is a fundamental need for a new standard in insurance, one which puts the customer at the centre and enables a digital relationship beyond purchasing insurance.”
The InsurTech stated that while it is dropping the content insurance service, it is hoping to move into the next stage of its business and help bigger companies offer insurance.
Wrisk formed a partnership with Allianz, giving it the power to offer automotive protection via car manufacturers at the point of sale.
Last year, the InsurTech company collected £978,000 in its crowdfunding campaign, which was raised at a pre-money valuation of £13m.
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