Wakam UK Ltd, a digital insurer specialising in solutions for Managing General Agents (MGAs) and brokers, has partnered with financial infrastructure platform Vitesse to transform its claims fund management. The collaboration is designed to improve capital efficiency and accelerate claims payments across Wakam’s network of MGAs and Third-Party Administrators (TPAs) as the insurer expands across the UK and Europe.
The partnership addresses the complexities of delegated authority models by adopting Vitesse’s platform to deliver real-time visibility, control, and integrity of claims funds and data. This shift moves Wakam UK away from manual processes to a centralized funding model, which enables real-time payments and significantly reduces financial leakage.
Unlocking trapped capital
A critical benefit of the new infrastructure is the release of capital previously tied up in loss funds. Across the industry, loss funds frequently hold 16–24+ weeks of expected paid losses. By moving to Vitesse’s centralized model, Wakam UK Ltd has been able to reduce this to just 6–7 weeks of reserves. This efficiency frees up substantial capital to support new product launches and accelerate expansion.
Dean Witherington, chief claims officer at Wakam UK Ltd, highlighted the operational impact. “Partnering with Vitesse has transformed how we manage and move claims funds. We’ve gained real-time visibility, control, and confidence in every payment, ensuring approved claims reach the right beneficiaries quickly and securely,” Witherington said. “The automation, transparency and consistent claims data across partners have significantly reduced manual reconciliation and the risk of leakage across the process, saving us time and money that we can reinvest into customer service and innovation.”
Standardising data for partners
The shift is also delivering tangible benefits to Wakam UK Ltd’s partner network. More than 50 MGA and TPA partners have been onboarded to the Vitesse platform, granting them faster access to claims funds and eliminating the need to use their own capital to settle claims.
The platform’s automation of fund flows, reconciliation, and reporting reduces administrative workloads and provides real-time insight into available funds. Crucially, it also standardizes the flow of claims data back to Wakam UK Ltd, strengthening reporting quality and operational consistency across partners.
Phil McGriskin, chief executive officer of Vitesse, commented on the wider industry implication. “Wakam UK ltd’s adoption of our infrastructure shows what’s possible when insurers bring financial control and claims fund management onto a single, trusted platform,” McGriskin stated. “They’re achieving faster settlements, greater liquidity, and tighter control that helps minimize leakage and strengthen customer trust.”
Vitesse, which is licensed by the FCA in the UK and the DNB in Europe, serves as the financial infrastructure for the insurance ecosystem, having facilitated more than $20billion in payments across 200+ countries and currencies.