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.

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