Instanda, a customer and policy management platform for the insurance industry, has raised $19.5 million in a Series A fundraising round. According to the company, the funding round was led by Assembly Capital Partners the investment will support the firm’s international expansion in the United States, Europe, Asia, and Latin America.
Instanda says it is “converting the lethargic back office to an agile middle and front office with low upfront costs. The platform enables existing insurers to “overcome the drawbacks of legacy IT systems and new ventures to embrace the entirety of benefits afforded by digital transformation.”
The company claims that its users see a return on investment within weeks.
Instanda is reportedly already in use at 50 different clients across all insurance lines. The company is headquartered in the UK with offices in Chile, Japan, Australia, and the USA. Instanda will use the funding to expand its international presence further.
Tim Hardcastle, Instanda founder CEO, said the insurance industry has come a long way since the 17th-century coffee hose based business. Yet, many insurance companies depend on IT systems that should 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.”
Michael Baptista of Assembly Capital Partners is an early investor in the company and also sits on the Board, he said that unlike most Insurtech firms, Instanda is a true innovator.