Insurance Platform Provider INSTANDA raises $45 million to fund its next phase of growth
Latest funding round will support global expansion and acceleration of next generation platform capabilities
MINNEAPOLIS, MN, MONDAY JUNE 20TH, 2022 – INSTANDA, the no-code core insurance platform provider has announced today the close of its latest $45million fundraising led by Toscafund, one of Europe’s leading Growth Equity investment firms for financial services companies, with the participation of existing investor Dale Ventures.
The funds will be used to enhance the platform’s capabilities, with a focus on billing, claims and product accelerators, especially for the US and Canadian markets. This will enable the platform to serve a wider range of insurers and further transform customer experience by dramatically reducing claims processing costs, digitizing all aspects of the insurance value chain, and building full product aggregation capabilities.
INSTANDA also aims to expand its product presence, building ISO, NCCI, and AAIS product templates. With these accelerators, INSTANDA will expand its support of Personal, Commercial, and Specialty products for both admitted and non-admitted insurers, further cementing its position as the insurance industry’s most adaptive, fast, best-value core platform for carriers, brokers and MGAs.
As the world’s first no-code dedicated insurance platform, INSTANDA digitizes the complex insurance value chain with its core digital PAS and an interface that allows business users to innovate, manage and distribute insurance products across all lines within P&C and Life and Health. Insurers can deploy and orchestrate their product portfolios locally and globally within days and weeks; ten times faster than the industry norm. The unique combination of ‘no code’ freedom with pre built product libraries provides unmatched advantages to help grow clients’ competitive advantage and market share.
Following a $19.5 million raise at the beginning of 2020, INSTANDA‘s growth momentum continued through ‘lock-down’ and increased further in 2021 as it added 21 new clients across the US, UK, Europe, and Japan, reaching over 70 clients globally by Q1 2022. INSTANDA’s US clients include Markel and Brokkrr Inc. Future revenue growth is forecast as insurers digitize customer interactions and core operations and turn to the modern, proven, scalable INSTANDA platform to meet a wide range of changing needs.
Commenting on the fundraise, 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 behavior.
“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 digitize all aspects of the insurance value chain will allow insurance providers to transform the customer experience even further, while dramatically reducing processing costs, thus enabling them to bring a better insurance experience to more people and businesses around the world.”
Greg Murphy, INSTANDA’s EVP North America added: “Insurers are beginning to change their expectations about costs and timelines for core system transformations. When they realize digital transformation no longer requires millions of dollars and multiple years, the lightbulb goes on and they start to embrace the power of our platform.”
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.”
George Koulouris, Partner at Toscafund added: “INSTANDA attracted us through its unique design thinking, strength of management and execution across a wide range of insurance lines, products and geographies. There is widespread belief that the insurance industry is ripe for change and disruption, yet very few companies prove they can really deliver significant improvements with a compelling value proposition. INSTANDA is one of those, so the potential is unlimited. We are delighted to be their financial partner and support them in changing the world of insurance for the better.”
ENDS
Tim Hardcastle, CEO & Co-founder is available for interview on request
Media contacts:
Rani Gill
+44 7590 534173
Ashley Sneller
+1 5738 812658
About INSTANDA:
INSTANDA works with the leading carriers, MGAs and brokers in North America, Europe, UK, Japan, LATAM, Africa, Middle East and Australia. INSTANDA is the Insurance Industry’s first no-code core insurance platform and allows insurers to break into new markets, overcome the drawbacks of legacy IT systems and embrace the benefits of digital transformation.
Using INSTANDA, organizations can now think and act at the same speed, where rates, questions, documents, and customer journeys can be amended in minutes and new products can be launched in days and weeks via the INSTANDA no code interface. ROI is delivered in months via dramatically reduced product manufacturing, underwriting and distribution costs with unrivalled customer experience.
Visit https://instanda.com/us for more information and follow us @instandaF2X on Twitter and INSTANDA on LinkedIn.
About Toscafund
Toscafund Asset Management LLP is a London based specialist investment management firm with offices in London, New York, Manchester, Melbourne and Hong Kong. Founded in 2000 by Martin Hughes, Toscafund has firmly established itself as one of Europe’s leading investors in the financial services sector across both public and private markets.
Toscafund has a long track record of supporting management teams and providing growth capital to private challenger and fintech companies. The total amount invested exceeds $750m with notable investments that include Aldermore Bank, Hoist, Atom Bank, OakNorth, esure, Plurimi Wealth, LIQID, Caravela Companhia de Seguros, Lemonway, Elinvar and VoxSmart.
