A new insurtech intermediary will be hitting the UK market after receiving Financial Conduct Authority (FCA) approval, it has been revealed today.
Leeds-based product innovation business CPP had applied for trading approval on behalf of its subsidiary company, Blink Innovation (UK) Ltd – which it plans to utilise as a platform to develop assistance and insurance products for the UK market and internationally.
CPP acquired Cork-based Blink in March this year to enhance its product set and innovation capabilities, according to an Insider report. Following approval, Blink will now be able to commence trading as a regulated insurance intermediary entity with immediate effect.
“The FCA approval is a key milestone in our strategic plan and the development of CPP. For the first time in five years we are able to actively market and sell regulated products in the UK market,” Jason Walsh, chief executive of CPP Group, said.
“I am pleased that while we continue to grow our international business, we are also now able to build our UK business once again.
“This news firmly draws a line under the historic issues in our UK business, allowing us to move forward and to continue to grow,” he went on to say.
Paul Prendergast, Blink’s chief executive, added that he was “delighted” by the FCA approval.
“As the first insurtech to have been part of the FCA Sandbox programme in 2016, it is fantastic to have continued our journey with this authorisation,” he said.
“As we are now able to sell regulated products in the UK, this opens up greater opportunities for further innovation to help us achieve our goal to become a progressive technology enabled organisation both in the UK market and internationally.”
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