Instanda, a UK-based customer and policy management platform for the insurance industry, has closed a $19.5 million Series A funding round led by Assembly Capital Partners.
Instanda, claims to be the insurance industry's first no-code business platform, helping the centuries-old sector overcome the hurdles posed by legacy IT systems as it moves into the digital era.
Already operating in 12 countries, with over 50 clients, the firm says users have seen a return on investment within weeks, thanks to reduced operating costs and increased revenues.
Tim Hardcastle, CEO, Instanda, says: “The insurance industry has come a long way since the coffee houses of the 17th century, but many insurers are still relying on IT systems that belong in the history books.
"Instanda was born out of a belief that technology should promote innovation, not hinder it. We experienced first-hand how the industry was being held back by monolithic, third-party IT systems that add layers of complexity, cost and confusion, and we wanted to change that.
"Customers increasingly expect more personalised experiences, and with Instanda insurers are better equipped to respond to these changing demands.
"As the industry’s first no code platform to cover all lines of insurance, we’re putting power back into the hands of product and business development teams and offering a seamless pathway towards digital transformation whether via new products or migrating existing books."