Wrisk, Etherisc and Sherpa chosen for FCA sandbox
The Financial Conduct Authority has selected three insurtech firms, Wrisk, Etherisc and Sherpa, to make use of the agency's sandbox. The sandbox will allow the start-ups to test their products in a live market without fear of regulatory backlash. A total of 18 start-ups have been selected. Wrisk provides users with usage-based contents insurance while also providing customers with a score assessing their insurability. Etherisc uses smart contracts to reimburse policyholders in the event their flights are cancelled. Sherpa creates a digital risk profile for customers and suggests products based on uploaded data. 

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.