We’re delighted to announce that Wrisk is now fully authorised by the Financial Conduct Authority! Here's why that matters, who made it happen and what comes next.
It's simple: as insurance is a regulated financial product, being authorised by the FCA is essential in order for us to do business in the UK. No grey areas. No loopholes.
We've been working tirelessly for over a year to create Wrisk, from writing and rewriting our business plan to building an app that gives you flexible insurance which adapts to fit your life. Gaining authorisation today makes this all worthwhile and is a huge milestone for us - not to mention it could have taken up to a year to achieve.
That we received authorisation more quickly than we had expected is thanks to our in-house team of insurance experts, and one person in particular...
Our Head of Insurance Operations, Caroline, is known in the office for her thorough preparation, attention to detail and end-to-end management skills. Now you all have proof of this too. Take it as read that we’re starting as we mean to go on.
Caroline has given high praise for the FCA’s willingness to engage with us, but her collaborative, consistent and efficient approach to everything she does deserves due credit. Thanks to Caroline and her team, everything is in place for our next step towards public launch.
With regulation clear, we’re now putting together a full, end-to-end trial run of the product. In this trial, a few hundred users will actually buy and manage real live general contents insurance policies through our app.
ADDENDUM: We've also been accepted into the FCA's regulatory sandbox! Not sure what that is, how it connects to authorisation or what it means for our trial run? Read our next post: Three unexpected ways engaging with our regulator was good for us