Instanda expands global footprint entering a new market

UK-based insurtech  Instanda, a cloud-based digital insurance platform, has expanded its global footprint by entering the Middle Eastern marketplace through a strategic partnership.

Instanda is working with a newly established insurance broker NewTechMe to drive digital transformation in the United Arab Emirates (UAE).

The partnership is a first for Instanda in the Middle East and will aim to serve as a launch pad for other partnerships in the region. It follows the insurtech's partnership with Standard Bank South Africa last year.

NewTechMe Insurance Broker was established through a strategic partnership between The Private Office of Sheikh Saeed Bin Ahmed Al Maktoum, and some insurance industry veterans. As well as building various affinity schemes, such as motor insurance with Khaleej Times and Contractor’s Plant and Equipment insurance with a high-growth startup, the company is focused on developing tailored health insurance, using artificial intelligence, machine learning and data science to plug a specific gap in the insurance marketplace in UAE.

NewTechMe will use Instanda's technological solutions to build a digital arm and bring to market new and existing products at speed. The broker plans to create its own digital insurance products, to be distributed to UAE customers either directly or via other affinity channels.

Tim Hardcastle, chief executive officer and founder of Instanda, said: “We are excited to be entering the insurance marketplace in the Middle East and to be partnering with an insurance intermediary not only committed to their own digital innovation but also in the UAE insurance space.

“They needed a partner who understood their ambitions to offer innovative products to customers in this region and Instanda’s unique solutions and increasing global footprint was a perfect fit. We believe that our offering will add value to NewTechMe and help deliver their digital goals.”

Vaibhav Kashyap, director of strategy and innovation at NewTechMe, said: “The idea for a new digital offering has come about due to a very strong need to rejuvenate and innovate within the insurance space, particularly in the UAE insurance marketplace, where there is a race to embrace technology and catch up with more developed markets.”

“We also see that COVID has had a huge impact on the region, especially in terms of ways of working,” he added. “Our health product is hoping to tap into the newfound acceptance for remote working, monitoring, digital healthcare for example and to improve customer experience and insurer outcomes. Instanda quickly grasped this and our vision for a digital arm that can bring to market new and existing products at speed. We are certain that their platform will enable to us move quickly, speed up market progress and achieve what we set out to do.”

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