ITC DIA Europe

INSTANDA: Insurance. Technology. Decoded.

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Dec 22, 2020

Consumer needs are constantly changing, not just in terms of the products people are looking for, but also in the way they’re being serviced. For many insurance companies it is an ongoing challenge to keep up and adjust their products and services quickly to fulfil these changing needs and expectations. Existing processes, organisational silos and legacy systems often stand in the way of rapid change. Especially in times of disruption, like we’re experiencing now, these hurdles stand in the way of a quick response.

INSTANDA was born from a frustration of how legacy systems were holding back insurance productivity. Its founders knew there had to be a better way. With a shared ambition and years of hands-on CIO-level experience, working with major insurance businesses and insurance software providers, they set about to transform the protracted insurance product roadmap. In place of the slow, inflexible, expensive and inhibitive insurance product roadmap, now stands INSTANDA; a SaaS solution that’s rapidly deployable, agile, low cost, innovative and self-configurable.

How it works
INSTANDA is a fully digital policy administration platform that allows clients to build insurance products, distribute to multiple audiences, 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. 

INSTANDA works with insurers, brokers and MGAs to help address their legacy transformation issues, giving them the freedom and flexibility to innovate rapidly and address new markets in weeks instead of months. Its 100% Cloud-based platform is specifically designed for the P&C and Life & Health Insurance markets.

Its approach provides a lot of flexibility for insurers to design and deliver the customer journey. Take for example the design of a website to enable customers to quickly receive a quote for a specific insurance product by just answering a minimal number of questions. Flexibility is at the heart of the platform architecture, enabling the insurer to configure data fields in a variety of ways and applying underwriting rules to any datapoint on the platform.  The customer journey features an integration look up, that allows the user to pull together a whole host of information, just by completing a minimum amount of data. Quotes can be sent by email or customers can purchase there and then. The platform also provides flexibility from the underwriter’s view: changes to questions and pricing can be made instantly. The granular data capture means that the data can be analysed in a myriad of different ways, allowing for specific dashboards for different groups of stakeholders.

Taking insurance ideas from design to production in weeks – instead of months or years
INSTANDA offers a solution that’s agile, low cost, innovative, self-configurable, and rapidly deployable – allowing insurers to take insurance ideas from design to production in weeks rather than months or years. It sets itself apart in two main ways: firstly, the insurer gets to decide the look-and-feel of the solution. There is a lot of flexibility in the set-up: no preset group of rows, columns, and tabs like other generic platforms. And secondly, configuration of the platform is done in a ‘no code’ fashion. This means that business teams closest to the customer can design and maintain the platform, rather than relying on IT resources competing with other enterprise efforts.

This approach enables insurers to rapidly develop and release new products and adjust them quickly where necessary with low cost of ownership.

Co-founded in 2012 by Tim Hardcastle and Derek Hill, INSTANDA has grown rapidly and now employs over 115 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 AXA XL, HISCOX, Aviva, Zurich and Covéa 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, with products successfully distributed in 13 countries. Key partners include Deloitte and Microsoft. In March 2020, INSTANDA raised $19.5m USD in their last round of Series A funding, with investment from Assembly Capital Partners.

INSTANDA was the first insurtech solution on Microsoft Azure Marketplace. They were shortlisted for Insurance Times: Best use of Technology 2019 and the Winner of Insurance Insider’s InsurTech Honours, as well as Winner of Excellence in InsurTech.

“Mass customisation 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, CEO and Co-Founder, INSTANDA

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