Company: Instanda
Founder(s): Derek Hill and Tim Hardcastle
Website: https://instanda.com/
Description: Instanda is a SaaS insurance software platform that allows insurance companies to build, configure, and launch products online.
Instanda is seeking to transform the insurance technology market from its headquarters in London.
A fully digital software-as-a-service insurance solution managed by multi-functional business teams, Instanda provides low cost, rapid product and proposition, creation, commercialisation, distribution and administration at scale.
Instanda has helped over 60 clients create over 2,800 insurance products across 13 countries.
The company enables business transformation at a low risk, avoiding big bang approaches while leveraging existing infrastructure. It enables insurers, brokers and managing general agents to transition to a fully digital, innovate at pace, low cost of operation model.
The company was founded in 2012 and holds offices across North America, Asia Pacific, and Latin America.
Instanda has raised a total funding amount of $28.1 million over the course of 5 rounds. Their latest round was a Series A, announced in Mar 10, 2020, which raised $19.5 million.
Co-founder and CEO Tim Hardcastle has commented the following on this Series A:
“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.”
“[The Series A] fundraising announcement is an important milestone that will help us bring better insurance to more people and businesses around the world.”
