Success Stories

REAL-TIME THINKING IS INTELLIGENT THINKING

Operating in a world where product changes can be made in minutes, generates euphoric client testimonials and industry-leading NPS scores.

INSTANDA currently has 35 clients, 30 won in the past 18 months, with many more being added every month. Clients are operating with INSTANDA in the US, Canada, UK, Ireland, Spain, Germany, Denmark, Chile and Australia. Clients range in size from the world’s largest (5 clients) to small starts ups (5 clients). Other clients are mid-range typically $0.5Bn – $4Bn GWP. The client use of the platform is extensive from full policy admin to front end distribution.

So far:

  • 1,000 products have been created
  • 200 sites have been created
  • 400 products have been deployed onto sites

56 working days to take a new sophisticated proposition to market is a phenomenal achievement. With any other approach, it would have taken 3 or 4 times as long, and we'd probably still be working on it.

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We are building our business with INSTANDA. Its flexibility enables us to build products and deliver them rapidly to market, and it provides us with both the infrastructure and the confidence to build more and more innovative and niche products. As an MGA just getting established, we highly recommend INSTANDA.

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Imperium Insurance are a recently established MGA, underwriting specialist products for the UK and Irish market. Formed with the mission of delivering a great experience to its network of brokers, Imperium’s mission is to empower its customers by making specialist products easy for their customers to buy. For them, this means getting highly tailored products out to brokers to their own timetable, both proactively anticipating customers’ needs and being responsive to change and to customer requests.

For a business with such a customer-centric mission, effective technology and digital enablement are paramount to business success. Founded in late 2014, Imperium initially selected a traditional IT provider — but quickly ran into problems. Product tweaks frequently entailed lengthy change requests, customer journeys were rigid, and Imperium soon sought an alternative which would allow enable them to live up to their ethos of agility. INSTANDA, with its SaaS-based commercial model, represented a risk-free proposition; its self-service capability, and its ability to build products rapidly and to maintain them post-launch, made it an even more attractive option.

Imperium’s relationship with INSTANDA kicked off with a commercial tradesman product, designed and built in co-operative ‘co-build’ style by the Imperium and INSTANDA teams. A specialist farm product followed soon after, forming part of a new division: iFarm Underwriting. Throughout these co-builds, INSTANDA led the Imperium team step-by-step through the process of building a product in INSTANDA, facilitating knowledge transfer and enabling future ownership.

Imperium’s trained super-users now have six more product builds planned for completion in the next three months. The newfound ability to build and amend products in-house and to shape the customer journey has surpassed all expectations: in the fluid, fast-moving days and weeks immediately following a new product launch, Imperium can now react immediately to broker feedback and make changes to their questions and rates within the hour.

Not only that: once a product is built, INSTANDA’s product cloning and modification features supports the ability to provide scheme business for brokers and get new offerings up and running within days — as well as providing all the necessary management information. For the management team, Imperium have said it will dramatically reduce the time they need to spend with systems providers — meaning they can concentrate instead on developing the business and on working closely with brokers to fine-tune their offerings.

Speaking of their experience, Imperium have said, “The INSTANDA team are great to work with. They listened to, understood and reacted to our needs. They are willing to work alongside you to offer a tailored solution, and the senior team take pride in ensuring great customer service.”

The great thing about INSTANDA is we actually have the platform in our own hands, and the ability to build the products exactly as we require them...INSTANDA is a big part of our future digital strategy

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Past…

Exsel is an MGA located in Madrid, Spain. Having approached us with a largely paper-based book of insurance products in 2016, INSTANDA now sits at the heart of Exsel’s aim to completely transform their user journey. In order to stay competitive and to utilise the rise of technology within the industry, Exsel sought to remove the intensive manual processes that their brokers had historically struggled with, by distributing these products digitally on INSTANDA.

Present…

At present, Exsel has built three products independently on INSTANDA, across the following lines; drone insurance, cyber insurance, and second layer liability insurance. They currently source their capacity from a number of syndicates in the Lloyd’s of London market, and their delegated authority allows them to quote and bind policies on the INSTANDA platform that fit within the syndicate’s criteria.

For an MGA such as Exsel, INSTANDA completed the missing piece of the puzzle; with the underwriting facility in-house, the delegated authority from their carriers, and now the self-service tech platform, Exsel now has all the tools to create and manage insurance products in an agile and efficient manner.

Future…

With these new capabilities, Exsel has ambitious plans for 2018. The scalability and power of INSTANDA, and its stability as a business, mean that Exsel has taken the strategic decision to move all their existing products (as well as a pipeline of seventeen new products to be built), onto the platform. This expansion will take Exsel’s business into a variety of new markets, including South America, across a variety of new distribution models. One of these is the white-labelled broker platforms that will enable each of their brokerages to have UI/UX designed specifically for their users, and will allow brokers to upload a statement of facts which auto-fills the quote process on INSTANDA, removing a lot of the manual rekey work that is currently required.

We have looked long and hard at options in the market for easy to use, value for money insurance sales and software solutions and repeatedly they have fallen short. We then turned to F2X and were an early adopter of Instanda. We are now seeing all the benefits that we thought were possible — multiple schemes easily set up running in parallel, price, rates and question set changed within minutes. Creating new products or schemes and have them up and ready to distribute and sell online the same day. Amazing.

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Compass is a specialist business focused on developing insurance schemes for start-ups and new insurance ventures. As such, many of their clients are looking to get products to market or to test new products quickly, simply and affordably.

INSTANDA has helped many of Compass’ businesses do just that. Its ability to be tailored to individual needs means that it offers a bespoke solution that is adjustable ongoing, and gives unique management control to the user.

Initially the appeal to Compass clients has been the speed, simplicity of use and the level of user control in the quote and buy system. As mid-term and adjustments and renewals are increasingly achieved via smartphones and tablets, Compass envisage INSTANDA will become a valuable management tool for the customer as well, improving the overall experience and offering distinct advantage — especially for new ventures.

INSTANDA has become a crucial part of Compass’s business offering — particularly when approaching new clients and prospects. They tell us that in many cases business is won on the strength of the ability to provide such a solution — most don’t even believe it’s possible! A site can be up and launched in a few days — including a complete UAT — and it works.

Using our automated and online quote and bind system, writing a policy is quick and is also guaranteed to comply with all regulatory needs, and with the added benefit of the instant and automated production of all policy documentation, bordereau and invoicing which brings significant cost savings to coverholders and brokers

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London, UK – MGAM Limited (MGAM) the independent underwriting agency which has developed a sophisticated insurance technology solution to provide carriers and brokers with an integrated management system for writing low cost high volume insurance business has today launched MGAM “Events”.

MGAM Events is designed as an easy solution for MGAM coverholders and brokers to write all the cover that is normally required by event insurance including employers’ liability, event equipment, abandonment, cancellation or postponement available as standard with added extensions available including added cover for overseas work and damage to venue.

MGAM Events will be managed by MGAM whose system delivers a fully automated, full cycle service covering new business, renewal, mid-term adjustments and cancellations with full and instant management reporting. The new MGAM Events product can be white labelled and with its levels of automation, provides and easy to use, one-stop solution.

Jason Anthony, CEO of MGAM Limited said: “As we move into that time of year when events are taking place all over the UK and overseas, we thought it was a great opportunity to launch a product which is specifically designed for busy event management companies country show organisers, a range of exhibitions, deters, birthdays, weddings and a whole range of public events organisers who need full insurance cover quickly and effortlessly. Using our automated and online quote and bind system, writing a policy is quick and is also guaranteed to comply with all regulatory needs, and with the added benefit of the instant and automated production of all policy documentation, bordereau and invoicing which brings significant cost savings to coverholders and brokers”.

We looked long and hard for a technology platform which would allow us to diversify our product range before we found INSTANDA. The opportunities INSTANDA presented as a result of low barriers to entry are unique in its accessibility, even for somebody with no technical experience of insurance software, INSTANDA enables us to think much bigger with regards to future expansion of our product portfolio.

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Insurancefair is a lifestyle provider and intermediary. Their ambition was to diversify their product portfolio but needed a flexible insurance platform configurable to their needs. They were therefore looking for a system which could help them launch and market-test completely new products quickly, easily and with minimal risk.

After scouring the market for suitable software platforms, they were attracted to INSTANDA due to its user-friendly and feature rich technology and the promise of low effort to get going – on top of its ability to launch any type of product.

In the space of six weeks Insurancefair went from concept to live with a new golf product, having completed the product structure in just two. The team were impressed by the intuitive interface and usability of the system, accessible to both business and technical users.

Empowered with their newfound capability to experiment, they are now looking to build on this success and are confident new products will be released in even shorter time frames, as INSTANDA allows a lot of UI/UX work to be replicated from past designs when building new products.

Insurancefair believe that the ability to get products to market quickly and cost-effectively allows them to become more daring and dynamic. Moving forward, they can quickly diminish the need for outsourcing certain aspects of the product lifecycle now that they have the power to do most of these functions themselves.

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