The insurance industry has long been hampered by fragmented legacy systems and slow, complex processes. Seeking to remove these barriers is Wakam UK, a digital insurer purpose-built to provide agile, AI-native capacity for the next generation of MGAs and embedded platforms.
Wakam UK is a fully authorised digital insurer that designs and underwrites tailor-made products for insurtechs and distributors. Part of the broader Wakam Group, the UK entity has achieved £400million in premium volume within its first year, utilizing an API-driven platform and core AI integration to enable partners to move from concept to launch in just weeks.
Mark Christer, CEO of Wakam UK, discusses the company’s mission to make insurance as easy to manage as any other digital service.
Tell us more about Wakam UK and its offering
Wakam UK is a digital insurer purpose-built for MGAs, insurtechs, and embedded insurance platforms. We design and underwrite tailor-made insurance products that partners can embed directly into their customer journeys. Our role is to remove friction using a modern, API-driven platform that avoids the pitfalls of fragmented legacy systems.
Crucially, we are not a fronting insurer; we retain at least 50 per cent of the risk on our balance sheet and are fully authorised by the FCA and PRA. This ensures we are invested in sustainable, profitable growth alongside our partners. Furthermore, we built AI into our operations from day one—designing workflows with AI at the core to price more accurately and move faster.
What problem was Wakam UK set up to solve?
Insurance remains slow and operationally fragmented, particularly for digital-first businesses. Launching products often requires navigating multiple insurers and lengthy approval processes. Wakam UK was built to remove these barriers, making insurance as easy to build and manage as any other digital service. Our framework allows partners to scale confidently and move from concept to launch in weeks—our fastest deployment to date took just 8 weeks.
Since launch, how has Wakam UK evolved?
Officially established in April 2024 following regulatory approval, we have quickly grown to a team of 35 and partnered with 13 distribution platforms. In just over a year, we achieved £400 million in UK premium volume while remaining profitable. As part of the Wakam Group, which has over €1 billion in gross written premium, we offer our partners both cross-border capability and proven operational scale.
What has been the biggest challenge or most ‘tricky moment’?
Building a fully authorised insurer from scratch is a demanding process requiring high standards of governance and capital strength. Our biggest challenge was delivering regulatory readiness while maintaining commercial momentum. We deliberately chose full authorisation over a fronting model because it gives partners confidence in our long-term resilience and allows us to make underwriting decisions quickly right here in the UK.
What are your proudest achievements so far?
Launching as a fully authorised insurer is our defining milestone. Commercially, reaching £400 million in premium volume in our first year reflects a genuine demand for a different kind of capacity partner. We are also incredibly proud of our Net Promoter Score of 60, which places us in the ‘excellent’ category globally and reflects our commitment to speed, transparency, and co-creation.
How would you describe Wakam UK’s culture?
Our culture is entrepreneurial, collaborative, and impact-driven. We operate with a strong sense of ownership and value curiosity, accountability, and clarity. This creates a high-energy environment that combines a start-up mindset with the discipline required of a regulated insurer.
What differentiates Wakam UK in a crowded insurance market?
Five factors set us apart:
- Speed: Our structure allows for timelines that legacy insurers cannot match.
- Empowered People: Our team has the authority to make decisions without layers of committees.
- AI-Native Operations: We built AI into every process—underwriting, claims, and fraud detection—from day one.
- Regulatory Strength: Our status as a fully authorised insurer provides security and a discipline we use as a competitive advantage.
- Partnership Focus: We co-build products, sharing data and providing real-time portfolio visibility.
What’s next for Wakam UK?
Our focus is on sustainable profitable growth and continued innovation. We are expanding our UK presence and onboarding new MGAs while deepening our investment in AI to deliver even greater accuracy for our partners. We believe the next decade belongs to those who combine customer insight with agile, tech-enabled capacity, and Wakam UK is built to be that partner.