Insurance Platform Provider INSTANDA Raises $45 Million

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 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. This move will further cement its position as the insurance industry’s most adaptive, fast, best value end-to-end platform for carriers, brokers and MGAs.

As the world’s first no-code dedicated insurance platform, 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 are able to deploy and manage their product portfolios locally or globally in days or weeks, ten times faster that 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 has been chosen by some of the most prestigious clients across EMEA, UK, and EMEA. These include Standard Bank, Hamilton Fraser (part GRP Group), HDI Global SE (part of GRP Group), and Atlanta (parts of Ardonagh Group). As insurers digitalize customer interactions and core operations, future revenue growth can be expected. They will turn to the modern and scalable INSTANDA platform for a broad range of changing requirements.

INSTANDA also continues to attract top talent from the insurance industry with significant recent hires from Aviva, Hiscox, WR Berkley and Accenture to lead the successful expansion into both P&C and Life & Health.

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 separates INSTANDA from other platforms. No other platform allows MGAs and carriers from all insurance lines to fully embrace insurance diversity and respond to consumer changing behaviours.

“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. Toscafund funding is a milestone. It will help us to strive higher in providing exceptional customer and user experiences. 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: “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 Additional: “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 in the insurance industry that it is poised for disruption and change. However, few companies have proven they can make significant improvements or offer a compelling value proposition. INSTANDA is one such company, and the possibilities are endless. We are delighted to be their financial partner and support them in changing the world of insurance for the better.”

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