Cloud-based digital insurance platform Instanda has raised $19.5 million (£15.52 million) in funding to support its international expansion in the US, Europe, Asia and Latin America.
Existing investor Assembly Capital Partners led the funding round for the UK-based insurtech, whose digital business platform allows insurers to launch and manage insurance products.
Already operating in 12 countries and with more than 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.
Commenting on the fundraise, Tim Hardcastle, founder and chief executive officer of Instanda, said: “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.”
Hardcastle continued: “Customers increasingly expect more personalised experiences, and with Instanda insurers are better equipped to respond to these changing demands. 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 board. 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. Instanda frees insurers from inflexible legacy tech and from high-risk, high-cost, multi-year change programmes. 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. Across both P&C and Life and Health in multiple countries, Instanda is one of the most promising insurtech businesses on the market.”
Last year, Instanda released a dedicated platform for the rapid launch of a new managing general agent.