Digital Insurance Agenda

INSTANDA – Digital engagement, distribution and underwriting for the future of insurance

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Sep 21, 2022

With today’s technology, insurers have the option to be the first to launch in a new market, with uniquely designed products that are completely customisable to each client. By becoming part of a movement that pushes the boundaries of insurance technology, users convert more customers and generate new revenue streams in a matter of weeks or months – not years. This sounds great and is all true. If only there was no legacy.

INSTANDA saw exactly this point and tapped into the opportunity when developing a fully customisable SaaS-based policy administration platform to enable insurers to get ahead of the competition, with lightning-quick agility. Helping its client to clearly articulate their vision, begin with the customer in mind, streamline the policy lifecycle process, design and implement an MVP, and evaluate releases and change before making a full-scale market launch.

INSTANDA is a fully digital policy administration platform that allows clients across the General Insurance and Life and Health space to build insurance products, distribute them to multiple audiences in multiple channels, and maintain them through the complete insurance lifecycle. With its unique and flexible user interface, insurers can design, rate, underwrite, quote, bind, issue and service policies for customers, agents, brokers and wholesalers.

Group protection and health platforms have had little focus in the insurance industry. The methods used to set up schemes, import member data, bring on new joiners and remove leavers are still clunky and manual, alongside, member engagement post-sale is really hit and miss. At INSTANDA they have built a fully automated solution to cater to group schemes that automate the process from the initial collection of company data to setting up members with their own member portal. INSTANDA operates exclusively through Software-as-a-Service (SaaS). Their no-code product design platform is built on a powerful set of insurance specific calculations, processing and workflow capabilities.

INSTANDA serves more than 60 major clients in 14 countries and has a user group and community of over 5000 members. It counts HISCOX, Aviva, and Standard Bank Insurance among its clients.

With its platforms, insurers and MGAs benefit from an increased speed to market (8-12 weeks), agility and flexibility and a low cost of ownership.

Why did we select INSTANDA for DIA Munich 2022?

INSTANDA was built for insurers by insurers and is a no-code insurance platform and full policy admin system. It is a fully customizable SaaS-based end-to-end platform that enables insurers, brokers and MGAs to innovate and get ahead of the competition.

At DIA Munich 2022, Anthony Southern, Managing Director INSTANDA EMEA P&C, and James Elliott, INSTANDA Sales Manager, will showcase a quick-quotation journey for motor insurance. The demo will include the full end-to-end quote& bind journey, and the configuration of products, including easy ‘lookup’ options and integrations. They will also present INSTANDA’s Customer Portal, showing how policy adjustments can be made, claims can be notified, and how questions can be asked.

Who is INSTANDA?

Co-founded in 2012 by Tim Hardcastle and Derek Hill, INSTANDA has grown rapidly and now employs over 150 staff members, servicing more than 60 major clients (with 10 clients with over £1bn GWP) and a user group and community of over 5000 members. INSTANDA counts HISCOX, Aviva, and Standard Bank Insurance among their clients.

INSTANDA has global delivery and capability from offices and partners in U.K. and Europe, the U.S., Australia, South America, Canada, and Japan and the UAE, with products successfully distributed in 14 countries. Key partners include Deloitte and Microsoft.

In March 2020, INSTANDA raised $19.5m USD in its last round of Series A funding. The company recently raised $45m with European investment from Toscafund which will be used to grow the company’s geographical presence in Europe, the US, Japan and the UAE, as well as to rapidly augment platform capabilities including developing the existing ecosystem into a future-proofed marketplace.

“Mass customization and low distribution costs are two of the biggest technology opportunities in the insurance market today and yet, for many, they’re two of the biggest challenges. INSTANDA meets the challenge head on.”

Tim Hardcastle Co-founder INSTANDA

Learn more here: https://instanda.com/

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