INSTANDA, the London-based customer and policy management platform for the insurance industry, has completed a $19.5 million Series A fundraising round, the company announced.
Led by Assembly Capital Partners, the investment will support the firm’s international expansion in the United States, Europe, Asia and Latin America.
INSTANDA describes itself as the insurance industry’s first no-code business platform, which allows insurers to overcome the drawbacks of legacy IT systems and embrace the benefits of digital transformation.
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, said INSTANDA in a statement.
Already operating in 12 countries and with over 50 clients across all insurance lines and distribution channels, INSTANDA is now seeking to grow its international footprint, develop the platform further and expand its partner network.
Headquartered in the UK with offices in the U.S., Chile, Japan and Australia, INSTANDA works with carriers, MGA’s and brokers.
“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,” said Tim Hardcastle, INSTANDA founder CEO.
“Today’s fundraising announcement is an important milestone that will help us bring better insurance to more people and businesses around the world,” he added.
“INSTANDA – unlike most Insurtech in the media – is a genuine innovator. The founding team identified a challenging but huge opportunity, has delivered and can now focus on scaling,” said Michael Baptista of Assembly Capital Partners, who is an early investor in the company and also sits on the board.
“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,” he added. “INSTANDA addresses a significant part of the value chain with astonishing metrics. Across both P&C and Life and Health in multiple countries, INSTANDA is one of the most promising insurtech businesses on the market.”
Source: INSTANDA
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