Instanda, a London-based startup, has recently raised $45M in a Series B round of funding. According to the company, it delivers a no-code core infrastructure for insurers, allowing them to build and orchestrate product portfolios ten times faster than the industry standard. The fresh funds will be utilised to increase the company’s market position in Europe, the United Arab Emirates, Japan, and the United States. Instanda has raised almost $73M since 2016.
INSTANDA digitises the complicated insurance value chain, allowing business users to design, manage, and market insurance products across all lines within P&C and Life and Health. Within days and weeks, insurers may deploy and orchestrate their product portfolios locally and worldwide.
Atlanta (part of Ardonagh Group), Hamilton Fraser (part of GRP Group), HDI Global SE, and Standard Bank are among Instada’s 70+ clients worldwide, with the company adding 21 new clients in 2021 alone.
Who were the investors?
Toscafund led Instada’s $45M Series B round, which also included current investor Dale Ventures. Tim Hardcastle, CEO & Co-founder of INSTANDA, 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.”
Fabrizio Cesario, Partner at Toscafund commented: “Our investment in INSTANDA fits with our strategy of partnering up with exciting, founder-led, disruptive financial services businesses across Europe. We have a strong track record in selecting high growth technology-driven businesses and look forward to working with INSTANDA’s management team to successfully develop the business further.”
Digitising insurance
Founded in 2012 by Tim Hardcastle INSTANDA is the first no-code core insurance platform, enabling insurers to enter new markets, overcome the limitations of traditional IT systems, and reap the benefits of digital transformation.
With little upfront investments, transform the sluggish back office into an agile middle and front office. Organizations can now think and act at the same time thanks to INSTANDA’s no-code interface, which allows rates, questions, documents, and customer journeys to be changed in minutes and new products to be deployed in days or weeks.
