BMW innovation lab bears fruit with insurtech deal
Summary
It allows customers to enter details like job and lifestyle, to create a tailored insurance package for car, home or travel.This type of app falls in the fintech sub-group known as insurtech, which sees challenger companies focus on consumer-friendly technology in the insurance sector.It replaces the traditional way the company offered insurance, which involved lots of manual form filling and other processes for customers and dealers.Philip Kerry, sales and marketing director at BMW Financial Services UK, said the innovation programme was set up to try to find answers to certain business challenges.The previous partnership, with insurance giant Allianz, has now stopped, and since the beginning of this month (September 2018), all new policies now go through Wrisk in the UK.