Wrisk and BMW Group Financial Services deliver an industry first with MINI Flex Car Insurance

As of 2 December 2019, all new MINIs will be sold with three months’ free insurance to eligible retail car buyers in the UK through BMW Group Financial Services’ new insurance product, MINI Flex Car Insurance (subject to terms and conditions, for a limited period). BMW Group Financial Services’ new customer-first insurance experience is powered by insurtech Wrisk’s new Pro Motion™ capabilities. The announcement comes just a year on from Wrisk being named BMW Group Financial Services’ car insurance partner.

Recognising the typical ‘7-day-driveaway’ insurance model has far from evolved, Wrisk’s Pro Motion capabilities have introduced an entirely new concept for the car insurance industry whereby the level of driveaway incentive is no longer tied to a matter of days. With this new offer, MINI drivers continue to be seamlessly covered by MINI Flex Car Insurance after the three-month promotional period via a monthly subscription.

MINI Flex Car Insurance has been designed to reflect the flexible way that today’s consumers are used to interacting with other kinds of services. The secure online policy allows the insured drivers to access their policy documents at any time, from any device, and make changes to them instantly – from adding a new driver to changing an address, without incurring any fees or spending time contacting a call centre. Premiums also update in real-time according to any changes they have made.

With the insurance product available at the point of sale for MINI retailers, insurance will no longer be a grudge or stress purchase for drivers. The new product will also help BMW Group Financial Services capture a more detailed picture of their customers and extend those relationships beyond the showroom, whilst boosting brand loyalty with a delightful customer experience.

Wrisk’s customer-first insurance platform has been specifically designed to remove all the common pain points of taking out a car insurance policy, getting rid of forms and offering a fully online experience. MINI customers can easily complete policy questions in a matter of minutes and will also see the factors that impact their premium through Wrisk’s unique ‘WriskScore™’, a bespoke and transparent measure of the user’s risks.

The fully comprehensive Defaqto 5* rated product provides high-quality insurance, from the guaranteed option of a MINI Approved Bodyshop repair in the UK, using only genuine parts to their Uninsured Driver Promise – protecting customer’s No Claims Bonus and policy excess if an accident was the fault of an uninsured driver. Customers also benefit from 24-hour UK recovery in the event of an accident, and 90 days’ full policy cover in a 12-month period when visiting the EU.

“As car ownership models shift and consumer purchasing behaviours continue to rapidly evolve, we understand that innovation is vital to deliver a delightful customer experience,” said Philip Kerry, Sales & Marketing Director at BMW Group Financial Services. “Insurance should no longer be an afterthought, and by offering a simple, seamless and high-quality car insurance experience from the moment our customers purchase their MINI, we can continue to invest in long-lasting relationships with our customers.”

Wrisk’s underwriting capacity for this product is provided by LV= Broker, which is partly owned by Allianz. The launch of MINI Flex is the first project following Wrisk’s partnership agreement with Allianz Automotive in June.

Nimeshh Patel, CEO of Wrisk, said: “The launch of MINI Flex Car Insurance is an important step forward for the automotive industry, completely reimagining the customer’s car insurance experience through a fully online platform. By providing much-needed simplicity, transparency and flexibility, the Pro Motion™ capabilities that Wrisk has developed are completely centred around the customer, helping manufacturers like MINI to support their customers beyond the forecourt.”

Author: Yash Hirani

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