Insurtech startup Instanda has raised $19.5m in a Series A funding round in order to expand its no-code customer and policy management platform for the insurance industry.
The funding round was led by Assembly Capital Partners, and will enable the startup to build on its already impressive growth by expanding to new markets.
With offices in the UK, USA, Chile and Australia, Instanda is already operating in 12 countries, however it now plans to expand across Latin America, Europe, the US and Asia.
Claiming to be “the insurance industry’s first no-code business platform”, Instanda is designed to alleviate the problems associated with weighty legacy IT systems that dominate the insurance industry.
“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,” explained Tim Hardcastle, CEO and founder of Instanda.
“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.”
Instanda brings no-code to insurance
The insurtech startup is part of a growing group of companies disrupting traditional industries through the use of low and no-code platforms, which enable non-technical professionals to shape their workflows and practices.
This approach is proving highly popular with professionals across verticals, as it not only combats the skills shortage present in the technical space, but enables experts to better tailor their systems to suit the demands and challenges of their specific roles.
“Customers increasingly expect more personalised experiences, and with Instanda insurers are better equipped to respond to these changing demands,” said Hardcastle.
“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.”
This product offering has so far achieved triple digit growth for Instanda, and it is hoped that the money raised in this fundraising round will enable strong future success.
“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 from Assembly Capital Partners, who describes the company as “one of the most promising insurtech businesses on the market”.
“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.”