Enterprise Partnerships

Wakam UK’s partnership with Vitesse transforms claims management and unlocks capital

Thursday, 11 December 2025 3:00PM UTC

Wakam UK Ltd has partnered with Vitesse to centralise and automate claims fund management, accelerating settlements and reducing leakage, thereby freeing capital for growth across the UK and Europe, and setting a new industry standard for claims processing.

Wakam UK Ltd has moved to centralise and automate its claims fund management through a partnership with payments infrastructure provider Vitesse, a step the insurer says will accelerate settlements, reduce leakage and free capital for growth across the UK and Europe. According to the original report, the collaboration replaces manual, decentralised processes used under delegated authority models with Vitesse’s platform to deliver real‑time visibility, control and integrity of claims funds and associated data. ^[1]

The change has a measurable capital effect: industry norms often see loss funds holding the equivalent of 16–24+ weeks of expected paid losses, but Wakam UK Ltd reports that the centralised Vitesse model has reduced its reserves to around 6–7 weeks. Industry data shows that shrinking those buffers in this way can release capital that insurers redeploy into product development and geographic expansion. ^[1]

Operational benefits are equally prominent in Wakam’s account. “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,” Dean Witherington, chief claims officer at Wakam UK Ltd, 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.” According to the original report, more than 50 managing general agents (MGAs) and third‑party administrators (TPAs) have been onboarded to the platform, which Wakam says removes the need for partners to deploy their own capital to settle claims and standardises reporting. ^[1]

Vitesse’s role as a real‑time payments enabler underpins these claims. The Payments Systems Regulator list of Faster Payments participants includes Vitesse PSP Limited, confirming the firm’s access to the UK’s real‑time rails; Vitesse also holds licences from the FCA in the UK and the DNB in Europe, and the company reports having processed more than $20 billion of payments across 200+ countries and currencies. The company said in a statement that centralised funding and automated reconciliation reduce administrative workload and improve liquidity for insurers using its infrastructure. ^[4]^[1]

The move mirrors broader industry initiatives to speed claims payments. Lloyd’s Faster Claims Payment solution, for example, decouples claim payments from monthly bordereaux and loss‑fund top‑ups and uses the Vitesse platform to deliver funds directly to beneficiaries in multiple currencies, reducing rework and cash calls. Industry material shows that centralised funding accounts and multi‑currency disbursement are increasingly being adopted to improve customer outcomes and capital efficiency. ^[6]^[1]

Wakam’s formal disclosures also acknowledge the arrangement. The company’s 2024 Solvency and Financial Condition Report outlines oversight of outsourced services and explicitly records that Vitesse provides payment processing to Wakam UK Limited, positioning the partnership as part of a wider operational strategy to improve claims handling and financial performance. According to the original report, the integration is therefore not merely operational but sits within Wakam’s regulatory and governance framework. ^[3]

The partnership follows a pattern of technology collaborations at Wakam designed to speed and standardise insurer operations: in 2020 Wakam announced a deal with Akur8 to automate aspects of pricing using transparent AI, a prior example of the group’s stated focus on innovation and improved operational efficiency. The company said in its earlier announcement that such initiatives were intended to deliver more accurate pricing and faster time to market for products. ^[5]

Not all interactions with customers have been uncontentious. In February 2025 the Financial Ombudsman Service considered a complaint about a premium increase where Wakam UK Limited explained a 50/50 liability settlement and apologised for communication failings. The Ombudsman found that Wakam had acted fairly under the policy terms and did not recommend further action. That decision highlights that while infrastructure upgrades can speed payments and free capital, customer communication and individual claims handling remain material to reputational risk. ^[7]

Taken together, the evidence suggests Wakam’s adoption of Vitesse is intended to be both a tactical improvement in claims operations and a strategic lever for capital management. The company claims faster settlements, standardised data and reduced leakage; Vitesse’s payments credentials and participation in Faster Payments provide the technical foundation for those claims. How quickly the released capital is redeployed and whether the changes materially alter underwriting or product strategy will be matters to watch as Wakam continues to expand. ^[1]^[4]^[3]^[6]

##Reference Map:

^[1] (The Fintech Times) - Paragraph 1, Paragraph 2, Paragraph 3, Paragraph 5, Paragraph 9
^[4] (Payment Systems Regulator) - Paragraph 4, Paragraph 9
^[3] (Wakam SFCR 2024) - Paragraph 6, Paragraph 9
^[6] (Lloyd's Faster Claims Payment) - Paragraph 5, Paragraph 9
^[5] (Wakam press release) - Paragraph 7
^[7] (Financial Ombudsman Service) - Paragraph 8

Source: Noah Wire Services

More on this

https://thefintechtimes.com/wakam-uk-partners-with-vitesse-to-accelerate-claims-payments-and-unlock-capital/ - Please view link - unable to able to access data
https://thefintechtimes.com/wakam-uk-partners-with-vitesse-to-accelerate-claims-payments-and-unlock-capital/ - 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 aims 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, enabling real-time payments and significantly reducing financial leakage. 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.” 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.
https://www.wakam.com/wp-content/uploads/Wakam_UK_Limited_-_Solvency_and_Financial_Condition_Report_2024-with-QRTs.pdf - Wakam UK Limited's Solvency and Financial Condition Report (SFCR) for 2024 outlines the company's oversight of outsourced services, including its partnership with Vitesse for payment processing. The report specifies that Vitesse provides payment processing services to Wakam UK Limited, highlighting the integration of Vitesse's platform into Wakam UK's operations. This partnership is part of Wakam UK's broader strategy to enhance its claims fund management and capital efficiency, aligning with the company's commitment to improving operational processes and financial performance.
https://www.psr.org.uk/media/gsxk2v21/fps-participants-list-june-2024.pdf - The Payment Systems Regulator's list of Faster Payments (FPS) participants as of June 2024 includes Vitesse PSP Limited, indicating its active role in the UK's real-time payment infrastructure. This participation underscores Vitesse's capability to facilitate rapid and efficient payment processing, a critical component of Wakam UK's partnership with Vitesse to accelerate claims payments and unlock capital. The integration of Vitesse's services into Wakam UK's operations leverages this real-time payment capability to enhance claims fund management and operational efficiency.
https://www.wakam.com/en/press-partnership-with-akur8/ - In December 2020, Wakam announced a partnership with Akur8, a company specialising in automating risk and demand modelling for insurers. This collaboration aimed to enhance Wakam's pricing process by integrating Akur8's transparent artificial intelligence technology. The partnership reflects Wakam's commitment to innovation and improving operational efficiency, aligning with its broader strategy to enhance service offerings and strengthen collaborations with business partners. By leveraging Akur8's technology, Wakam sought to provide more accurate and targeted pricing, reinforcing its promise of speed and transparency.
https://www.lloyds.com/conducting-business/delegated-authorities/systems-and-tools/faster-claims-payment - Lloyd's Faster Claims Payment (FCP) is an award-winning funding and payment solution that provides fast and direct payment of claims to policyholders. The solution decouples the payment of claims from the monthly bordereaux and loss fund top-up process, facilitating direct access to insurer funds via the Vitesse payment platform. This service enables payments directly to appropriate beneficiaries, reducing rework and eliminating the loss fund process. Vitesse releases funds to more than 170 countries and territories in over 100 local currencies, enhancing the claims experience for policyholders. The FCP provides managing agents with greater flexibility in their capital management through the loss funds process and eliminates the need for cash calls. Additionally, managing agents are provided with real-time visibility and control over their claims payments, as well as a reduction of associated account and transaction fees. With 14 currencies now available for centralised funding accounts, the service offers greater flexibility and cost-effectiveness across the claims payment process.
https://www.financial-ombudsman.org.uk/decision/DRN-5723008.pdf - In February 2025, a case involving Wakam UK Limited was reviewed by the Financial Ombudsman Service. The complainant questioned an increase in their insurance premium, which was attributed to a 50/50 liability settlement in a claim. Wakam UK Limited explained that, due to a lack of independent evidence, it considered the 50/50 liability as the best outcome possible. The company apologised for not keeping the complainant informed of the claim and its progress and offered compensation for any distress or inconvenience caused. The Financial Ombudsman Service concluded that Wakam UK Limited had acted fairly and in line with the terms of the complainant's policy, and did not recommend further action.

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 10

Notes: The narrative is recent, published on 9 December 2025. No earlier versions or recycled content were found. The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were identified. The content appears original and exclusive.

Quotes check

Score: 10

Notes: The direct quotes from Dean Witherington and Phil McGriskin are unique to this report. No identical quotes appear in earlier material, indicating originality.

Source reliability

Score: 8

Notes: The narrative originates from The Fintech Times, a reputable publication in the fintech sector. While it is a specialised outlet, it is well-regarded within its niche. The report is based on a press release from Vitesse, a licensed financial infrastructure provider, adding credibility.

Plausibility check

Score: 9

Notes: The claims about Wakam UK's partnership with Vitesse to centralise and automate claims fund management are plausible and align with industry trends towards digitalisation and efficiency. The operational benefits and capital efficiency described are consistent with known practices in the insurance sector. The language and tone are appropriate for the industry and region.

Overall assessment

Verdict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary: The narrative is recent, original, and based on a credible press release from a reputable company. The claims made are plausible and consistent with industry practices. No significant issues were identified, leading to a high confidence in the assessment.

Insurtech
Claims management
Capital efficiency