UK Insurtech INSTANDA raises $19.5m in Series A funding round
INSTANDA, the leading customer and policy management platform for the insurance industry, has completed a $19.5m Series A fundraising round, the company has announced today. Led by Assembly Capital Partners the investment will support the firm’s international expansion in the United States, Europe, Asia and Latin America following several years of triple digit growth.
INSTANDA is the insurance industry’s first no-code business platform. It allows insurers to overcome the drawbacks of legacy IT systems and new ventures to embrace the entirety of benefits afforded by digital transformation. 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.
Already operating in 12 countries and with over 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. The company is headquartered in the UK and has offices in the USA, Chile, Japan and Australia.
Commenting on the fundraise, Tim Hardcastle, INSTANDA founder CEO, 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.
“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.”
Emilie Vallauri is a 27-year-old program manager at Techstars with a passion for innovation. Born and raised in Nice, France, Emilie studied business and political sciences before embarking on a career punctuated by innovation and supporting startups.
Zsuzsa has been instrumental in growing Antavo from a startup to a scaleup. As Chief Strategy Officer and co-founder, she is transforming the company into a unique loyalty technology vendor, offering a next-gen, best-in-class solution to the loyalty sector.
Software engineering and product development is my specialisation - and I have had a wide range of experience across the industry. I had a brilliant 22-year long career at IBM, working across a number of roles, which I really loved.
Holly Zoccolan is an entrepreneur and Founder of new parenting app, Carol. Before Founding Carol and entering the tech space, Holly built successful online wellness brand The Health Zoc in 2016.
Anna Gudmundson is the CEO and co-founder of Sensate, a device that emits infrasonic waves that are synchronised to resonate with the specially composed hemispheric audio in the app.
Rebecca is Senior Vice President of Clients, Partnership and Creative Transformation at CreativeX, provider of an industry-first AI driven data platform to help the world’s most loved brands including PepsiCo, Nestle and Facebook achieve creative excellence.
In this world of entrepreneurship, all they care about and all you should care about is giving value on top of value. Of course, this isn’t easy. No on starts out knowing everything and no one can resolve your fear of taking the leap.
But, if my personal experience is anything to go by, some teens just aren’t ever going to do well in formal exams, and it’s important to reassure these kids that you can still be successful, happy and rich without a row of A* results in your GCSEs.
Bitcoin, the digital currency conceived in 2009 by the mysterious Satoshi Nakamoto, is a financial phenomenon. Despite the volatility of global markets, it has demonstrated remarkable resilience.