Online car marketplace heycar has partnered with InsurTech Wrisk, to launch an embeeded car insurance offering.
heycar motor insurance will provide an embedded link into a monthly rolling subscription insurance, powered by Wrisk, rather than redirect customers to comparison sites, or to brokers providing temporary cover.
Wrisk’s embedded insurance platform, already tried and tested with car companies such as BMW, MINI and RAC, has been specifically designed to remove all the common pain points of taking out a car insurance policy, including form filling, and to simplify the process of buying a vehicle.
Heycar said the platform will help its customers complete policy questions in less than five minutes whilst highlighting which factors may be influencing the price and will give them access to their policy at any time from any device. They will be able to view documents and make changes instantly, from adding a new driver to changing address, without incurring any fees or spending time contacting a call centre. Premiums will also update in real-time according to any changes they have made.
The insurance quote will be based on the WriskScore™ which will give people full transparency of how their policy is calculated. While the process for customers will be managed by Wrisk, the policies will be underwritten by LV, one of the UK’s top insurers for motor insurance.
Nimeshh Patel, CEO of Wrisk, said, “Changing car ownership trends, the rise of embedded finance and ever-rising car prices mean that embedded insurance solutions are needed to provide affordable, flexible and personalised insurance to people, when and where they need it most. As the UK #2 in used cars, backed by Mercedes, Volkswagen, Allianz and Renault, heycar was an ideal partner to bring our used car insurance solution to scale.”
The digital-first insurance product will be available for all used cars bought on heycar and for all eligible car buyers in the UK.
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