Wrisk wins DIA Diamond Award ahead of second crowdfunding launch

May 22, 2018
Darius Kumana presenting on stage at the DIA conference in Amsterdam
  • Insurtech startup Wrisk scooped a prestigious DIAmond Award – for insurtechs that have the most strategic impact – at the DIA Amsterdam event on 16-17 May
  • The news comes ahead of Wrisk’s second crowdfunding round on Seedrs, which opens for investment next week
  • The £500K round – which follows Wrisk’s highly successful Seedrs round last year – will give individuals a second chance to back the business before the launch of its Series A round next year

London, 22 May 2018: Wrisk – which plans to transform the way people buy, maintain and claim on their insurance – today announces its win at the Digital Insurance Agenda (DIA) Awards in Amsterdam. The insurtech startup received a prestigious DIAmond Award, designed to celebrate the strategic impact innovative companies bring to the industry.

DIA Amsterdam is the world’s largest insurtech conference, with over 1200 attendees. More than 200 insurtechs applied for the chance to present at the event, 50 businesses were selected and just six* were named DIAmond award winners, as voted for by conference delegates.

The win comes as Wrisk prepares to launch its second crowdfunding campaign on Seedrs next week. Wrisk is looking to raise £500,000, and the campaign is already open to pre-registration.

Wrisk’s founders made the decision to crowdfund once again as part of an interim bridge round, allowing them to delay the launch of their Series A until next year. This follows big strides that have been made within the business in a short space of time, including:

  • Authorisation by the UK regulator the Financial Conduct Authority (FCA)
  • The launch of Wrisk’s iOS beta app and its first insurance line – contents – to real customers
  • A partnership with BMW that will result in Wrisk delivering insurance for BMW group cars sold in the UK

Wrisk also has partnerships in place with Munich Re and Hiscox, amongst others.  

Co-Founders Niall Barton and Darius Kumana said: "We are delighted to have won this award in recognition of our work. Wrisk may be the new kid on the block, but we’re extremely proud of what we’ve achieved already. In a relatively short space of time, we’ve formed partnerships with the likes of BMW, Hiscox and Munich Re, gained FCA authorisation, launched our first insurance line and got our app into the hands of real customers who are already giving us great feedback.

We’re also really excited to be fundraising through Seedrs once again. Our first round was a huge success and allowed us to build a community of not just investors, but supporters, advocates and customers. We can’t wait to grow that community further, and offer yet more people the chance to help us shape the future of insurance.”

*The six winners are Wrisk (UK), Neurotrack (USA), BetterTradeOff (Singapore), Buzzvault (UK), Xtract (Ireland) and Pixoneye (Israel).

Press Contact

Mark Huxley, Wrisk Limited mark@wrisk.co  m 07966 019533

Notes to Editors

About Wrisk

Wrisk combines Insurance and Technology in one simple app. Starting with contents insurance, Wrisk will expand its offering to serve the insurance needs across different aspects of people’s lives. From motor to travel, health to professional, Wrisk will bring everything together into one simple plan that can grow with its customers.

Customers are given a unique Wrisk Score which provides the information they need to understand their risk. The more information provided, the more accurate the score becomes, empowering customers to get a better score and reduce their premiums. They can update their details and manage their policy any time, anywhere and it takes effect immediately.

Wrisk plans to engage not only those who are already insured, but also people who’ve never bothered with insurance. Working with partners such as BMW, Hiscox, QIC, Bupa and Munich Re, the Wrisk team will capture both existing market share and build an entirely new mass market too.  

Wrisk, a trading style of Wrisk Transfer Limited, a company incorporated in England and Wales (No.10657213). Wrisk Transfer Limited is a wholly-owned subsidiary of Wrisk Limited (No. 09721622), and is authorised and regulated by the Financial Conduct Authority (No. 788062).

Founders

Niall Barton has had a 39 year long career in insurance, as both a broker and an underwriter. Previous positions include CEO of DP Mann Underwriting Agency (now Faraday), as well as various executive and non-executive committee and director appointments within the Lloyds of London market. He is non-exec Chairman of MarkelCATCo Reinsurance Fund Ltd.

Darius Kumana has worked in varied environments holding executive and leadership technology roles in firms ranging from large corporates to consultancies and green-field start-ups. He is an expert UX practitioner and led the Experience Design Practice for ThoughtWorks Europe for several years. Darius also spent time at Markel International as Head of Digital, building out their digital capability.

Launch

Wrisk’s iOS app is currently available via a private beta at wrisk.co. Nationwide rollout to the AppStore will be in H2 2018. The initial offering will focus on contents insurance but will continuously be improved and extended thereafter. Other insurance lines such as buildings and motor cover will follow. For those people eager to get early access to the Wrisk app and help the business in its mission to change the industry, Wrisk is currently building an exclusive invite-only co-creation community.

Regulatory

In December 2017, Wrisk was granted authorisation by the Financial Conduct Authority (FCA) and was accepted to join the FCA Sandbox.

About Seedrs

Seedrs allow all types of investors to invest as little or as much as they like in businesses they believe in and share in their success. And it allows ambitious businesses in all sectors to raise capital and build community through an efficient, online process.

Seedrs has funded over 540 deals to date and has had over £280 million invested on the platform. All investments made through Seedrs offer voting shares to investors and use professional-grade subscription agreements. This ensures that investors get the same level of protection that angel investors and venture capitalists enjoy.

Seedrs is backed by star fund manager Neil Woodford, Augmentum Capital (which is wholly-backed by RIT Capital, the investment firm run by Lord Rothschild), Faber Ventures and over 1,000 of its own customers. Seedrs is authorised and regulated by the UK Financial Conduct Authority. It was the first equity crowdfunding platform in the world to gain regulatory approval.

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