Wrisk partners with BMW Group Financial Services

London-based insurtech firm Wrisk has teamed up with BMW Group Financial Services to offer three months of free car insurance to purchasers of all new MINIs.

All new MINIs are now being sold with three months of free insurance to eligible retail car buyers in the UK through BMW Group Financial Services’s new insurance product, MINI Flex Car Insurance.

BMW Group Financial Services’s new insurance product is underpinned by Wrisk’s new Pro Motion capabilities. The announcement comes just a year on from Wrisk being named BMW Group Financial Services’s car insurance partner.

Wrisk’s Pro Motion does away with the typical ‘7-day-driveaway’ insurance model, with MINI drivers continuing to be covered by MINI Flex Car Insurance after the three-month promotional period via a monthly subscription.

MINI Flex Car Insurance is offered online, enabling insured drivers to access their policy documents at any time, from any device, and make changes to them instantly. Premiums also update in real-time according to any changes they have made.

Other features include the guaranteed option of a MINI Approved Bodyshop repair in the UK, as well as 24-hour UK recovery in the event of an accident, and 90 days’ full policy cover in a 12-month period when visiting the EU.

The new product will also help BMW Group Financial Services capture a more detailed picture of its customers and extend those relationships beyond the showroom, while boosting brand loyalty with a positive customer experience.

Philip Kerry, sales and marketing director at BMW Group Financial Services, said: “As car ownership models shift and consumer purchasing behaviours continue to rapidly evolve, we understand that innovation is vital to deliver a delightful customer experience.”

“Insurance should no longer be an afterthought, and by offering a simple, seamless and high-quality car insurance experience from the moment our customers purchase their MINI, we can continue to invest in long-lasting relationships with our customers.”

Wrisk’s underwriting capacity for this product is provided by LV= Broker, which is partly owned by Allianz. The launch of MINI Flex is the first project following Wrisk’s partnership agreement with Allianz Automotive in June.

Nimeshh Patel, chief executive officer of Wrisk, said: “The launch of MINI Flex Car Insurance is an important step forward for the automotive industry, completely reimagining the customer’s car insurance experience through a fully online platform. By providing much-needed simplicity, transparency and flexibility, the Pro Motion capabilities that Wrisk has developed are completely centred around the customer, helping manufacturers like MINI to support their customers beyond the forecourt.”

The RAC recently became a strategic investor in Wrisk following the pair’s partnership on the development of a new mileage-based car insurance product.

Mark Dugdale