Instanda specialises in software-as-a-service (SaaS) solutions for the insurance industry, providing a policy management and customer engagement platform underpinned by a ‘no code’ solution that the company hopes will prove more enticing than cumbersome legacy IT systems.
The funding round was led by Assembly Capital Partners, whose spokesman called the insurtech firm ‘a genuine innovator’; Instanda plans to put the investment towards its global expansion plans, with growth in the US, Europe, Asia and Latin America all factored into its ongoing strategy.
“The insurance industry has come a long way since the coffee houses of the 17th Century,” said Tim Hardcastle, Founder and CEO of Instanda, “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 firsthand 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. [This] fundraising announcement is an important milestone that will help us bring better insurance to more people and businesses around the world.”