At Wrisk, we have always taken issue with the way the insurance industry has created the ‘annual policy’ and a culture of paying once a year or worse still, being charged more to pay monthly. To address these problems, Wrisk launched with a “balance and top-up” approach to payment via ApplePay.
Now our app has been in the market for 3 months, we have had the opportunity to gain feedback from paying customers, stress test our accounting processes, and also look at how potential customers were reacting to our payment approach.
Our conclusion - a few things need to change to allow us to provide a frictionless payment experience for our customers, whilst still tackling the industry-wide payment issues we see head-on.
Our data and feedback highlighted the following pain points:
In light of these discoveries, we are launching Wrisk auto-payments. Auto-payment enables customers to pay by card and we will automatically deduct monthly premiums thereafter - removing the need to remember to top-up.
This new feature meant we had to make significant changes to our back-end and front-end of our app. To enable our approach to auto-payments, ApplePay was no longer an option - as this only works if the monthly deductible is the same each month.
With Wrisk customers being able to make changes to their policy at any time, and as we regularly review our prices, means monthly premiums can potentially change month-on-month, not something Apple Pay can currently process. With these requirements, we needed a flexible payment approach to accommodate this and our desire to take automatic monthly payments.
So, from 2 November, Wrisk auto-payments goes live. We hope this much talked about option will save customers from manually remembering to top-up their balance (even with Wrisk notifications) whilst maintaining the flexibility and transparency our service is built upon:
✅ Always know what you are covered for
✅ Only pay for what you need and manage monthly costs
✅ Change, add or cancel anytime, without a fee
A continuing commitment to change the way people pay for and interact with insurance
In our opinion, there are still a large number of industry-wide issues with the way people currently pay for insurance - the race to the bottom, loyalty through apathy, hidden loans, invisible insurance, inflexible payments, annual cycle-times… the list goes on (expect a blog post soon).
Like so much at Wrisk - “things change”. Our approach to how customers pay for our service is continuously evolving and improving.