Wrisk secures Allianz backing in Series B funding round

UK-based insurtech institution Wrisk has obtained concern from German security institution Allianz arsenic portion of its precocious announced Series B backing round.

Alma Mundi Ventures and Opera Tech Ventures led the £12m ($16.3m) round, which was announced successful July.

With the undisclosed further investment, Allianz joins Wrisk’s investors pool, which besides includes BNP Paribas’ task superior arm, QBN, and Volution.

According to the company, the concern reinforces Wrisk’s relation arsenic a spouse to automotive archetypal instrumentality manufacturers (OEMs) seeking integrated, data-driven security offerings.

Proceeds from the Series B circular – including Allianz’s concern – volition beryllium utilized to enactment Wrisk’s planetary enlargement and further make its information subject and information insights capabilities.

Wrisk CEO Nimeshh Patel said: “Allianz's concern is simply a beardown endorsement of Wrisk's strategy and our relation successful helping insurers and OEMs enactment much intimately together. As OEMs progressively look for fewer, much strategical security partners, our quality to harvester heavy OEM relationships with blase information and exertion becomes ever much important.”

Allianz has served arsenic Wrisk’s superior underwriter for astir a decade.

Its determination to instrumentality portion successful the Series B circular is seen arsenic important for Wrisk’s increasing basal of OEM clients, respective of whom are looking to found deeper and much strategical relationships with a smaller fig of insurer partners.

Wrisk’s level and information capabilities are designed to alteration collaboration with insurer partners crossed areas specified arsenic information enrichment, hazard enactment and pricing.

The level combines “real-time” insights drawn from insurance, vehicle, fiscal and behavioural information to pass decision-making crossed pricing, claims and lawsuit engagement.

Allianz UK idiosyncratic lines managing manager Ulf Lange added: “Wrisk has built a compelling level astatine the intersection of insurance, information and the automotive sector. Its adjacent relationships with OEMs and absorption connected data-driven security solutions align intimately with Allianz's strategical priorities, and we are pleased to enactment Wrisk arsenic it continues to standard its concern and capabilities.”

At the centre of the level is Wrisk’s proprietary embedded information framework, developed for automotive OEMs to align inputs from connected car systems, telematics, transactional records and lawsuit interactions.

The model supports scalable quality done instrumentality learning models that accommodate alongside changes successful conveyance technology, lawsuit behaviour and marketplace conditions.