London-based InsurTech, Wrisk, has announced a 219% year-on-year revenue growth in H1 2024.
The company, known for its independent embedded insurance technology platform catering to the automotive OEM sector, raised its annualised gross written premium to over £60m, and its annualised revenue run rate tripled year-on-year.
These impressive figures were largely fueled by new partnerships with major automotive players Volvo and Jaguar Land Rover, which join Wrisk’s existing clients such as BMW and Mini. The company is well-positioned to surpass its 2024 financial targets across Europe.
Wrisk, the only independent embedded insurance technology platform focused on the automotive OEM sector, currently writes over 73,000 monthly premiums for its growing client base.
Supported by insurer partners like Allianz, Wrisk’s strategic enhancements to its platform and processes have boosted operational efficiency and laid strong foundations for global growth.
CEO Nimeshh Patel attributed Wrisk’s success to its continuous improvement ethos.
He said, “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.”
Wrisk has invested in strategic enhancements and significant team expansion to support its growth.
In 2024 alone, Wrisk made 30 hires across all departments, increasing its UK headcount by over 40%. Notable hires include Anthony Foster from Zego as Director of Insurance, Dr. Mark Lee as Director of Pricing and Actuarial Services, and Chris Harden as Director of Technical.
These strategic appointments strengthen Wrisk’s insurer partnerships and technical operations infrastructure.
Patel highlighted the importance of Wrisk’s team, stating, “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.”
Expanding its European footprint, Wrisk opened offices in Vienna and Munich at the end of 2023, appointing Stephan Ruby as European MD. Ruby, along with Alexandre Pereira and Andreas Schaeffler, heads the regional operations as Wrisk sets its sights on rapid continental growth. An advisory board established in early 2024, comprising industry veterans, further supports Wrisk’s expansion strategy.
Co-founder Niall Barton expressed confidence in Wrisk’s European venture, saying, “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. 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.”
With its roots firmly in London, Wrisk’s development has met the UK’s stringent regulatory requirements, showcasing the city’s resilience and innovation.
COO Shiv Bhaduri emphasised London’s role in Wrisk’s success, noting, “Our roots are firmly in London. 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.”
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