London-based insurtech
Wrisk today shared that it had achieved a profitable H1 in 2024:
- £60m+ annualised gross written premium
- H1 Revenue grew 219% YoY
- 3x Annualised Revenue Run rate Growth YoY
Wrisk is the only independent embedded insurance technology platform dedicated to the automotive OEM sector. It currently writes 73,000 plus monthly premiums for its growing, retained client-base, supported by insurer partners such as Allianz.
These figures are largely attributed to new partnerships with Volvo and Jaguar Land Rover, who join Wrisk’s stable of international automotive OEM clients, including BMW and Mini. New deals on the horizon set Wrisk up to over-achieve on its 2024 financial forecast, across Europe.
Wrisk has invested in making key strategic enhancements to its platform and processes. These improvements have enhanced the company’s operational efficiency and established strong foundations for global growth.
Wrisk CEO Nimeshh Patel commented: “Wrisk is sometimes called a well-kept secret. We’ve been building in stealth, allowing us to remain agile throughout the process of creating a truly innovative tech stack, supported by world-class customer experiences.”
“Our figures for 2024 are testament to our ethos of continuous improvement; the big OEMs see we have something special, and they want to work with us. Our growth trajectory is only going up from here.”
Strengthened senior team
A total of 30 hires have been made by Wrisk in 2024 to date across all departments, increasing headcount by over 40% in the UK. Key UK hires Anthony Foster, who joined from Zego in July, as Director of Insurance. Anthony brings two decades of experience with him and will drive Wrisk’s insurer partnerships.
In addition, the leadership team is further bolstered by a number of strategic appointments:
- Dr Mark Lee in the newly created position of Director of Pricing and Actuarial Services
- Chris Harden who joins as Director of Technical with the remit of maintaining and developing Wrisk’s technical operations infrastructure.
On the rapid hiring journey that Wrisk is undertaking, Nimeshh said: “At the heart of Wrisk is people. We hire the best person for every job and operate under a culture of learning, with the space to try new things and think outside the box. It has paid off - we’re leaders in our field. That is the result of the incredibly talented and hardworking Wrisk team, who understand and believe in our mission.”
European expansion
Well-known across the UK, Wrisk opened offices in Vienna and Munich at the end of 2023, securing industry stalwart Stephan Ruby to head up the office as European MD.
Stephan has since brought on board Alexandre Pereira and Andreas Schaeffler, as Head of Insurance and Head of Commercial Operations Europe, respectively.
Anadvisory board was also established in Europe earlier in 2024, made up of some of the industry’s most senior names who will offer guidance and insight to the Wrisk leadership team as it looks to grow rapidly across the continent.
“If you look at the senior hires we have made this year, especially in Europe where our advisory board is a veritable who’s who, you’ll see excitement - and faith,”
said Niall Barton, co-founder of Wrisk. “We have sector big hitters who have looked under our bonnet, liked what they see and want to be part of our journey. This is a big chapter in our global growth story, with lots more to come.”
A shining example of London’s resilience
Wrisk is headquartered in London, where it developed its offering to meet notoriously rigid UK regulatory requirements. The complexity and competitiveness of the British fintech sector has set the benchmark for worldwide standards, which Wrisk uses as a guide for testing and learning for improvements that will exceed worldwide standards in insurtech.
“Our roots are firmly in London,”
said Shiv Bhaduri, Wrisk COO. “London is a powerhouse in tech and financial services. Our growth story showcases the UK’s resilience and innovation, with the city’s talent and strength being key to our success and making it the perfect base for our future projects. We’re opening a new UK office soon to support further recruitment and our commitment to the insurtech sector in the Capital.”
