On the heels of its recent successful crowdfunding raise, the app-based InsurTech managing general agent Wrisk has made another major step forward, receiving full authorization from the UK’s Financial Conduct Authority.
At the same time, the company is being formally admitted into the third cohort of the FCA’s regulatory sandbox, a program that “allows businesses to test innovative products, services, business models and delivery mechanisms in the real market, with real consumers.”
Wrisk, which will market its insurance cover based on letting users create a credit score-style “personal risk score,” is set to launch with contents insurance, followed by motor later in the year.
The firm has a capacity deal via its partnership with Munich Re’s Digital Partners unit.
Commenting on the authorization process, Caroline Garrow, Wrisk’s head of Insurance Operations, praised the FCA’s approach.
“Throughout the process there has been a clear willingness on their part to engage with us, with it always feeling collaborative and supportive,” Garrow said in prepared remarks. “We would therefore like to take this opportunity to thank the FCA for their speed and efficiency.”
The Wrisk app is set to launch in Q1 2018.
Wrisk will work closely with its insurance partners, which so far include:
- Munich Re Group, specifically via its subsidiary Great Lakes Insurance, will provide the capacity for buildings and contents, motor and travel lines across the UK, EU and the U.S. Munich Re’s activity in new digital initiatives is coordinated by its dedicated unit Munich Re Digital Partners (MRDP).
- Hiscox will provide capacity across the UK, EU and the U.S. for specialist products relating to a customer’s commercial activities. These products may include professional indemnity, D&O, cyber, etc.
- QIC will provide capacity for products for a number of countries in the Middle East and North Africa (MENA) region.