FCA selects three insurance start-ups to join its third regulatory sandbox
The Financial Conduct Authority (FCA) has selected 18 firms to join its third regulatory sandbox cohort, including three companies – Wrisk, Etherisc and Sherpa – working in insurance.
The Sandbox will enable firms to test their products in a “live market” environment, says the FCA. It hopes that its sandbox underlines its commitment to financial services innovation.
It received 61 applications in total and under a third (18) of them were chosen to take part. Those involved cover a range of sectors.
Two fifths (40%) of firms selected were based outside of London, compared to just a quarter (25%) in the first cohort and a slightly over a third (35%) in the second cohort.
Who are Wrisk, Etherisc and Sherpa?
- Wrisk - A start-up offering a usage-based contents insurance products available on a smart phone, with a “Wrisk Score” that acts like a credit score for personal risk. Wrisk was seeking to top up a £3m raise in late October.
- Etherisc - Provides fully-automated decentralised flight insurance. Etherisc uses smart contracts via blockchain. It also provides crop insurance and social insurance.
- Sherpa - Sherpa acts like a personal lines advisory broker, without the usual human interaction. Customers will be able to upload their details using their smartphone or computer. It then builds them a risk profile and make recommendations on products. The Malta-based company raised $2.3m in August.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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