Earlier this year we announced our partnership with the RAC, one of the UK's most progressive motoring organisations. Following a short period of collaboration with them, we’ve developed a new mileage-based car insurance product. What's more, as a sign of their commitment, the RAC has become a strategic investor in Wrisk.
RAC Insurance and Financial Services managing director Mark Godfrey said: “Our initial innovative work with Wrisk was so encouraging we decided to take a stake in the company.
We are convinced there is a significant section of the motor insurance market that only drives lower than average miles every year, who are not well served by the way standard car insurance is priced and could benefit from a product that is set up specifically to cater for their needs."
Wrisk and the RAC are trialling a mileage-based car insurance product
The new product enables customers to only pay for the miles driven each month, plus a flat fee for when their cars are parked. Designed as a transparent pay-monthly subscription, customers have full control and the flexibility to choose the cover they need:
Quotes for the new pay-as-you-drive insurance product are delivered in around three minutes from only a handful of questions, hugely simplifying the 45-plus questions typically asked by comparison sites. We’ve also ensured customers understand their risk by using the Wrisk Score, which shows the factors which impact the cost of their insurance.
How did a large corporate and a startup create a new product?
What’s been a great start to this partnership is that the RAC had a clear vision to create a more holistic, engaging insurance experience for its customers, and has a reputation for being at the forefront of developing motoring services. This fit perfectly into our mission for delivering customer-first insurance solutions which are simple, personal and transparent.
“Our two companies are a good match in terms of our capabilities. RAC Insurance has a wealth of pricing expertise from using data to help insurers better price risk, and experience from its hundreds of thousands of telematics devices, which provide a powerful insight into the lower-mileage driving market.
The Wrisk team is remarkably resourceful and agile. They have developed a flexible platform which is ready to deliver on a market need via a straightforward, easily scalable, app-based user experience.” commented RAC Insurance and Financial Services managing director Mark Godfrey.
Wrisk CEO Nimeshh Patel said: "Together, with our mutual belief in challenging the standard car insurance model, we have created a solution that meets the needs of today’s motorists and moves us closer to making usage-based insurance the norm.
Through the WriskScore™ we are helping to recast trust and transparency in insurance, allowing customers to understand the factors that affect their quote, to make buying an insurance policy a positive life choice rather than a chore.”
The launch of this closed-beta for pay-as-you-drive is just the start of what’s to come in our partnership with the RAC. The next phase of work with the RAC is already underway – whilst we can’t share any more information on this just yet – it’s safe to say we’re super driven (!) and passionate about what’s next…