Insurtech ‘disruptor’ Instanda bags $45m funding for global expansion
UK-based insurtech Instanda, a cloud-based digital insurance platform, has secured $45 million funding to support its next phase of growth and global expansion.
The fundraising is led by Toscafund, a European growth equity investment firm for financial services companies, with the participation of existing investor Dale Ventures.
The funds will be used to grow the company’s geographical presence in Europe, US, Japan and the UAE, as well as to rapidly augment platform capabilities including developing the existing ecosystem into a future-proofed marketplace.
As a no-code core insurance platform provider, Instanda digitises 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 faster than the industry norm. The combination of ‘no code’ freedom with pre-built product libraries provides advantages to help grow clients’ competitive advantage and market share.
Following a $19.5 million raise at the beginning of 2020, Instanda expanded across the US, UK, Europe, and Japan, reaching over 70 clients globally by Q1 2022. The company also made significant recent hires from Aviva, Hiscox, WR Berkley and Accenture to lead the expansion into both P&C and Life & Health.
Tim Hardcastle, CEO and 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 behaviour.
“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 digitise all aspects of the insurance value chain will allow insurance providers to transform the customer experience even further, whilst dramatically reducing processing costs, thus enabling them to bring a better insurance experience to more people and businesses around the world.”
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.”
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