6 December 2017Insurance

Munich Re-backed insurtech Wrisk receives FCA authorisation

App-based insurtech managing general agent (MGA) Wrisk has received full authorisation from the Financial Conduct Authority (FCA).

At the same time, Wrisk was formally admitted into the third cohort of the FCA’s regulatory sandbox, which refers to businesses accepted by the FCA to test innovative products, services, business models and delivery mechanisms.

Wrisk, which will market its insurance solutions based upon allowing users the ability to create a credit score-style “personal risk score,” is set to launch in the first quarter of 2018 with contents insurance, followed by motor.

The firm has a capacity deal via its partnership with Munich Re unit Digital Partners.

Munich Re group, specifically their subsidiary Great Lakes Insurance, will provide the capacity for buildings and contents, motor and travel lines across UK, EU and USA. Munich Re’s activity in new digital initiatives is coordinated by its unit Munich Re Digital Partners.

Hiscox will provide capacity across UK, EU and USA for specialist products relating to a customer’s commercial activities. These products may include professional indemnity, directors and officers (D&O) and cyber.

Qatar Insurance Company (QIC) will provide capacity for products for a number of countries in the Middle East and North Africa (MENA) region.

Take part in our reader survey to be in with a chance to win a £3,000 corporate subscription to Intelligent Insurer

More of today's news

Aspen group COO leaves; replacement revealed

Chaucer receives Dubai specialty licence

Ardonagh Group appoints deputy CEO

RenaissanceRe estimates California Wildfires hit at net $90m

UK insurtech Ripe expands into commercial insurance

Monarch collapse costs Saga insurance £2m

Don't miss our insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
31 May 2018   Insurtech startup Wrisk, which is backed by firms like Munich Re, Hiscox and QIC, has raised over £500,000 in two days in its second crowdfunding campaign.
Insurance
9 April 2018   Insurtech startup Wrisk, which is backed by firms like Munich Re, Hiscox and QIC, has made leadership appointments following its latest funding round that is said to have surpassed its target of £500,000 in under five days.
Insurance
18 January 2018   Insurtech firm Camatics has launched in the UK as a commercial motor underwriter.