Wakam UK Partners with Vitesse to Accelerate Claims Payments and Unlock Capital

Wakam UK Partners with Vitesse to Accelerate Claims Payments and Unlock Capital

Wakam UK Ltd, a digital insurer specialising in options for Managing General Agents (MGAs) and brokers, has partnered with monetary infrastructure platform Vitesse to remodel its claims fund administration. The collaboration is designed to enhance capital effectivity and speed up claims funds 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 fashions by adopting Vitesse’s platform to ship real-time visibility, management, and integrity of claims funds and data. This shift strikes Wakam UK away from handbook processes to a centralized funding mannequin, which allows real-time funds and considerably reduces monetary leakage.

Unlocking trapped capital

A vital good thing about the new infrastructure is the release of capital beforehand tied up in loss funds. Across the trade, loss funds ceaselessly maintain 16–24+ weeks of anticipated paid losses. By shifting to Vitesse’s centralized mannequin, Wakam UK Ltd has been ready to cut back this to just 6–7 weeks of reserves. This effectivity frees up substantial capital to assist new product launches and speed up expansion.

Dean Witherington, chief claims officer at Wakam UK Ltd, highlighted the operational influence. “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 companions

The shift is also delivering tangible advantages to Wakam UK Ltd’s associate network. More than 50 MGA and TPA companions have been onboarded to the Vitesse platform, granting them quicker entry to claims funds and eliminating the want to use their very own capital to settle claims.

The platform’s automation of fund flows, reconciliation, and reporting reduces administrative workloads and offers real-time perception into obtainable funds. Crucially, it also standardizes the circulation of claims data again to Wakam UK Ltd, strengthening reporting high quality and operational consistency across companions.

Phil McGriskin, chief government officer of Vitesse, commented on the wider trade 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 acknowledged. “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 monetary infrastructure for the insurance coverage ecosystem, having facilitated more than $20billion in funds across 200+ international locations and currencies.

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