UK-based insurtech company Wrisk has obtained investment from German insurance company Allianz as part of its recently announced Series B funding round.
Alma Mundi Ventures and Opera Tech Ventures led the £12m ($16.3m) round, which was announced in July.
With the undisclosed additional investment, Allianz joins Wrisk’s investors pool, which also includes BNP Paribas’ venture capital arm, QBN, and Volution.
According to the company, the investment reinforces Wrisk’s role as a partner to automotive original equipment manufacturers (OEMs) seeking integrated, data-driven insurance offerings.
Proceeds from the Series B round – including Allianz’s investment – will be used to support Wrisk’s international expansion and further develop its data science and data insights capabilities.
Wrisk CEO Nimeshh Patel said: “Allianz’s investment is a strong endorsement of Wrisk’s strategy and our role in helping insurers and OEMs work more closely together. As OEMs increasingly look for fewer, more strategic insurance partners, our ability to combine deep OEM relationships with sophisticated data and technology becomes ever more important.”
Allianz has served as Wrisk’s primary underwriter for almost a decade.
Its decision to take part in the Series B round is seen as important for Wrisk’s growing base of OEM clients, several of whom are looking to establish deeper and more strategic relationships with a smaller number of insurer partners.
Wrisk’s platform and data capabilities are designed to enable collaboration with insurer partners across areas such as data enrichment, risk selection and pricing.
The platform combines “real-time” insights drawn from insurance, vehicle, financial and behavioural data to inform decision-making across pricing, claims and customer engagement.
Allianz UK personal lines managing director Ulf Lange added: “Wrisk has built a compelling platform at the intersection of insurance, data and the automotive sector. Its close relationships with OEMs and focus on data-driven insurance solutions align closely with Allianz’s strategic priorities, and we are pleased to support Wrisk as it continues to scale its business and capabilities.”
At the centre of the platform is Wrisk’s proprietary embedded data framework, developed for automotive OEMs to align inputs from connected car systems, telematics, transactional records and customer interactions.
The framework supports scalable intelligence through machine learning models that adapt alongside changes in vehicle technology, customer behaviour and market conditions.
