(Image credit: Johannes Plenio.)
INSTANDA (London), creator of a no-code customer and policy management platform for the insurance industry, has announced that it has completed a $19.5m Series A fundraising round. Led by Assembly Capital Partners (London), the funds raised during the round will be used support the firm’s international expansion in the United States, Europe, Asia and Latin America. The vendor says that the funding round follows several years of triple-digit growth.
INSTANDA pitches its no-code business platform as allowing insurers to overcome the drawbacks of legacy IT systems and new ventures to embrace the entirety of benefits afforded by digital transformation. The vendor says existing clients have reported seeing a return on investment within weeks through reduced operating costs, increased revenues, and the ability to respond efficiently to customer and broker needs with more personalized experiences at scale.
The firm reports that it is currently operating in 12 countries and with over 50 clients across all insurance lines and distribution channels and is now seeking to grow its international footprint, develop the platform further and expand its partner network. The company is headquartered in the UK and has offices in the USA, Chile, Japan and Australia.
“The insurance industry has come a long way since the coffee houses of the 17th century, but many insurers are still relying on IT systems that belong in the history books,” comments Tim Hardcastle, the vendor’s founder and CEO. “INSTANDA was born out of a belief that technology should promote innovation, not hinder it. We experienced first-hand how the industry was being held back by monolithic, third-party IT systems that add layers of complexity, cost and confusion, and we wanted to change that.”
“Customers increasingly expect more personalized experiences, and with INSTANDA insurers are better equipped to respond to these changing demands,” Hardcastle adds. “As the industry’s first no code platform to cover all lines of insurance, we’re putting power back into the hands of product and business development teams and offering a seamless pathway towards digital transformation whether via new products or migrating existing books. Today’s fundraising announcement is an important milestone that will help us bring better insurance to more people and businesses around the world.”
Michael Baptista of Assembly Capital Partners is an early investor in the company and also sits on the vendor’s Board. “INSTANDA—unlike most InsurTech in the media—is a genuine innovator,” he comments. “The founding team identified a challenging but huge opportunity, has delivered and can now focus on scaling. INSTANDA frees insurers from inflexible legacy tech and from high-risk, high-cost, multi-year change programs. Its no-code platform liberates insurers. It gives them the agility to price risk in ways that meet client needs in a changing world.”
“INSTANDA addresses a significant part of the value chain with astonishing metrics,” Baptista adds. “Across both P&C and Life and Health in multiple countries, INSTANDA is one of the most promising InsurTech businesses on the market.”