The Wrisk story
Wrisk grew from a singular vision of revolutionising customer experience in insurance, and has grown into a technological powerhouse. In the dynamic, tech-driven motor insurance industry, Wrisk stands out with its cutting-edge digital framework.
Wrisk’s exclusive focus on automotive OEMs differentiates it from other insurtechs, delivering deep tech, advanced integrations, car data and smart pricing in a way that is unique to the market. This comprehensive approach enhances OEM penetration rates, providing tailored solutions that drive superior outcomes and innovation in the motor insurance sector.
Leading the charge is CEO Nimeshh Patel who joined Wrisk in 2018, providing leadership and insight as the company navigated the turbulent waters of a triumvirate of challenges: the pandemic, a tightening economic environment and a crisis of tech talent post-Brexit.
Nimeshh comments: “The UK insurtech market is only second to the US, which is quite something when you think about how tough British companies have had it in the past decade. It is testament to a strong vision and an incredible, resilient team, that Wrisk has been successful.”
Building credibility
Wrisk’s success hinges on its ability to speak the language of its partners - the result of its dedicated focus on the automotive industry. Blending this sector knowledge with leading-edge technological expertise and a deep understanding of the insurance industry has allowed Wrisk to expand its client base significantly. From its initial partnership with BMW and MINI, Wrisk has continued to build an impressive partner list, collaborating with industry giants such as Volvo, Jaguar Land Rover, and Mercedes-Benz.
“Like all scale-ups we began with a single partner, who bought into our strategy and ambitious take on delivering digital insurance,” said Nimeshh. “That has grown exponentially; Wrisk now manages a policy portfolio of approximately 80,000 customers and writes roughly £75 million in annualized premium. Notably, its UK operations are now profitable, a significant milestone in the challenging fintech scale-up environment.
Revolutionising the customer experience
Wrisk’s embedded insurance solutions redefine customer experiences through actionable insights, transforming the often-tedious process of purchasing car insurance and enabling partners to foster stronger relationships. By engaging customers at every touchpoint—pre-purchase, point of sale, and throughout the vehicle ownership lifecycle—Wrisk enhances brand connections.
Nimeshh explains: “Embedded insurance is generally described as a way in which to embed the purchasing of car insurance into the experience of buying a vehicle.”
“We go further than that, and look at the whole value chain – what are the touchpoints to not only sell a product that will capture a customer into your wider sales ecosystem but also what are the opportunities to get under the skin of consumers. How are they using their cars, for example? And, what insights can a digital platform provide OEMs to inform their strategies, and deliver better products that meet their customers needs. Insurance is just one element in a bigger picture.”
An innovative path to growth
Wrisk is poised for further growth, with plans to expand its operations across Europe and beyond. The company has established a European MGA in Munich, aiming to replicate its UK success. As Nimeshh acknowledges, “We’ve built a playbook, demonstrating innovation, efficiency and scalability like no other platform on the market. And they’ve looked at that and are now beginning to ask us to extend our offerings beyond just the UK.”
Future plans include expanding platform capabilities, integrating with consumer finance brands, and exploring opportunities in the commercial EV space. Wrisk is also investing heavily in data enrichment, aiming to leverage OEM and insurance data to develop new capabilities.
What does tomorrow bring?
While Wrisk acknowledges its roots as an insurtech, Nimeshh believes the industry has matured beyond that tag. "The DNA of this company will always be technology and data at its heart,” he says, ”but at the same time, we’re really proud that we are more than just that.”
Patel envisions a future where collaboration between incumbent insurer businesses and innovative tech companies drives better customer outcomes. He emphasises the importance of learning from past lessons and building sustainable businesses. ”I think what's also important for me – all of us really – is to recognise that there is huge growth potential here, so it isn’t a matter of slicing up a pie into smaller pieces. Instead, establishing a truly collaborative community will create bigger pieces that we all get a great piece of, and together we can accelerate the flight towards providing better outcomes for customers in the wider marketplace at the same time.”
As Wrisk embarks on its next phase of growth, it remains committed to its core values of resilience, focus, and collaboration, paving the way for the evolution of embedded insurance in the digital age.