MINNEAPOLIS, MN, NOVEMBER 2021: In further proof that technology is shaping the way we do business today, the Software as a Service (SaaS) market size is projected to reach $307.3 billion by 2026. As an industry, it has been reported that SaaS has seen almost 5x growth in the last six years (from $31.5 billion to an estimated $145.5 billion) and it is projected that 85% of software used by organizations will be SaaS by 2025.
SaaS and cloud-based solutions are infiltrating every corner of business, and insurance is no different. INSTANDA, a cloud-native solution enabling Carriers & MGAs to build products with agility and clarity, is one success of the SaaS industry. INSTANDA has seen impressive growth in the past year, responding intelligently to the ever-evolving requirements of the insurance space. Gross Written Premium (GWP) growth has reached 70% from July 2020 – 2021 (in comparison to July 2019 – 2020) and INSTANDA has so far signed 12 new clients this year, totaling 70 active client contracts. Recent successes in new territories such as the UAE, and progress towards collaboration with new clients in Japan, mark the extension of INSTANDA’s influence to global markets.
Aiding INSTANDA in its mission to simplify and speed up the underwriting process is the Microsoft Azure Marketplace, of which INSTANDA has been a member for almost a year. The online market enables businesses to test, purchase, and implement the software and services they need to build new solutions.
INSTANDA is proud to be a partner in this space, combining insurance knowhow with powerful technology to best serve today’s insurance carriers. INSTANDA and Microsoft share the forward-thinking values of cloud innovators, and this partnership through Microsoft Azure showcases the speed, cost efficiency and agility INSTANDA exhibits in an increasingly digital world as it helps insurance professionals work smarter.
One such client benefitting from INSTANDA’s SaaS-based solution is Exsel, an MGA carrier operating from Madrid. Once a paper-reliant and manually managed insurance product provider, Exsel now uses three product lines built seamlessly within INSTANDA’s program: drone insurance, cyber insurance, and second layer liability insurance. Exsel can distribute these products digitally with INSTANDA, saving valuable time and resources. Today, with the underwriting facility in-house, the delegated authority from their carriers, and now the self-service tech platform, Exsel has the tools to create and manage insurance products in an agile environment.
Greg Murphy, Vice President of North America at INSTANDA, sees the collaboration with Microsoft as a natural step forward. “We have seen the power of having Microsoft in our corner and are excited to pursue opportunities together in the insurance marketplace,” he says. “With the strength of Microsoft and the insurance experience of INSTANDA, we can help the insurance industry move towards a digital focus.”
Helen Williams, INSTANDA’s UK Marketing Lead, also believes strongly in the benefits of the collaboration with Microsoft. “By building your business on INSTANDA, you are safe in hands,” she says. “Microsoft’s integrated cloud services have revolutionized the business world through the Azure platform. Microsoft Azure provides impressive levels of scalability, cost-effectiveness, and security. Benefits include scalability in demand, cost efficiency and rapid deployment.”