INSTANDA, a no-code insurance platform provider and InsurTech100 company, has secured $45m in a funding round led by growth equity investment firm Toscafund.
The round also saw participation from existing investor Dale Ventures. According to INSTANDA, the funding will be used to grow the firm’s geographical presence in Europe, US, Japan and the United Arab Emirates.
Furthermore, INSTANDA will also look to rapidly augment platform capabilities including developing the existing ecosystem into a future-proofed marketplace.
Through INSTANDA, companies can now amend rates, questions, documents, customer journeys in minutes and new products can be launched in days and weeks. They claim return on investment is delivered in weeks via dramatically reduced product manufacturing, underwriting and distribution costs.
INSTANDA CEO and co-founder Tim Hardcastle said, “INSTANDA’s no-code insurance core platform was built by insurers for insurers based on the belief that technology should be used to accelerate change and innovation at low cost. This is what sets INSTANDA apart from the crowd. No other platform allows carriers and MGAs across all lines of insurance to fully embrace the diversity of insurance and respond to the anticipated change in consumer needs and behaviour.
“As a true disruptor we are restless by nature, constantly striving to stay ahead of the curve, to not only meet our clients’ needs but pre-empt them. The funding from Toscafund is a significant milestone and will provide added impetus to aim higher in delivering exceptional client and user interactions. Being able to digitise all aspects of the insurance value chain will allow insurance providers to transform the customer experience even further, whilst dramatically reducing processing costs, thus enabling them to bring a better insurance experience to more people and businesses around the world.”
Last year, INSTANDA inked a partnership with digital consulting firm ADROSONIC to empower insurers to price risk better.
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