As part of the blooming insurtech sector that has exploded in the UK in the recent years, Instanda, London-based customer and policy management platform has closed a $19.5M (£15M) Series A fundraising round led by Assembly Capital Partners. The company is present in 12 markets with a portfolio of 50 clients (including AXA, Hisco, Aviva and Zurich).
Instanda is the insurance industry’s first no-code business platform, allowing insurers to quickly embrace the benefits offered by digital transformation. The company enables insurers to avoid the hassle of outdated legacy IT systems, to be more efficient and ultimately generate more return on investment.
Customers who use Instanda can reduce their operating costs and increase their revenues. Some of its 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 personalised experiences at scale.
“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. 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. Today’s fundraising announcement is an important milestone that will help us bring better insurance to more people and businesses around the world.” - Tim Hardcastle, Founder & CEO at Instanda
With this investment, Instanda aims to expand globally, develop the platform further and expand its network of partners. Instanda will continue the firm’s international expansion in the US, Europe, Asia and Latin America following several years of remarkable growth.
“Instanda is a genuine innovator. 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 programmes. Across both P&C and Life and Health in multiple countries, INSTANDA is one of the most promising insurtech businesses on the market.” - Michael Baptista, Assembly Capital Partners
