Following the excitement of launching the Wrisk beta in the FCA sandbox last week, we were even more delighted to welcome our very first customers. The feedback has been overwhelmingly positive and we are already gaining a number of insights. The first of these is that folks are engaged. People are reaching out through social media, email but mostly through the real-time messaging that is built right into the Wrisk app. It is fantastic for our team to see so many people actively engaging with us to help us change insurance.
Our Wrisk Score helps you understand the things that affect your premium – like a credit score, but for personal insurance risk. We provide transparency on the factors we use to calculate insurance premiums and providing customers with near real-time feedback. We are absolutely delighted people are taking the time to understand and sometimes even challenge the rating decisions within our models. By rating transparently and attempting to explain where/how we are making assumptions, our customers become empowered to challenge the models and help us improve them for everyone. Things obviously have to stand-up to actuarial scrutiny, but we see this as a very encouraging sign which means our rating algorithms are on track for continuous improvement.
Wrisk offers flexible insurance. It’s a perpetual policy billed monthly using Apple Pay. Much like a travel card or challenger bank, we let customers ‘top-up’ their account to pay flexibly as opposed to fixing price for a whole year. Unlike many other insurers, Wrisk do not charge extra to pay monthly vs annual, nor do we charge on cancellation. We are changing how insurance works and early feedback seems to show customers are liking our approach...
We have already started to receive helpful feedback on aspects of our pricing approach. We have had a surprising amount of interest from folks who have more insurable assets than we expected within our early-adopter demographic. As a consequence, we are looking to take a more flexible approach to min/max sum-insured limits as well as levels of excess.
We didn't expect so many of our early adopter demographic to have such a keen interest in acquiring (and insuring) collectibles and works of art. Thanks to all of your great feedback, we will be working with our partners to make sure that Wrisk protects the things that you care about.
Our standard policy comes with £3,000 of general contents cover and we have received requests to make general contents cover optional. This change would enable customers to use Wrisk to insure specific items and gadgets on their own. To offer this option, we will need to modify our cover and pricing model to also work in “gadget mode” – it’s a great idea and something we will certainly look into.
Launching wasn't without it's challenges... Wrisk has been built with data security at the core, which is why like many, we ask customers to verify their email addresses within the app using a “magic-link”. The desired effect is that you tap a link in the email to confirm, which in-turn brings you seamlessly back into the app where you left off. In the vast majority of cases, this worked as expected – like magic. In our first week, we started noticing a small number of customers were having problems validating their email with our magic link. The team were quick to react - they identified a fix, which was rolled out the following day, ensuring a high quality service was maintained. It was a great (and slightly scary) first test of our live support processes.
As we write this the feedback and ideas and messages of support continue to flow in from our customers. We expect to have lots more to share with you in the coming weeks. And if you know people who have iPhones and want to be part of our beta – don't hesitate to get in touch.