INSTANDA, a no-code, core insurance platform provider announced the close of its latest $45 million fundraising led by Toscafund, a European growth equity investment firm for financial services companies, with the participation of existing investor Dale Ventures.
“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,” said INSTANDA CEO and Co-Founder Tim Hardcastle in a company press release. “The funding from Toscafund is a significant milestone and will provide added impetus to aim higher in delivering exceptional client and user interactions. Being able to digitize all aspects of the insurance value chain will allow insurance providers to transform the customer experience even further, while dramatically reducing processing costs, thus enabling them to bring a better insurance experience to more people and businesses around the world.”
The funds will be used to enhance the platform’s capabilities, with a focus on billing, claims, and product accelerators, especially for the U.S. and Canadian markets. This will enable the platform to serve a wider range of insurers and further transform customer experience by dramatically reducing claims processing costs, digitizing all aspects of the insurance value chain, and building full product aggregation capabilities.
“Our investment in INSTANDA fits with our strategy of partnering up with exciting, founder-led, disruptive financial services businesses across Europe,” said Toscafund Partner Fabrizio Cesario in the release. “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.”
INSTANDA aims to expand its product presence in the future, building ISO, NCCI, and AAIS product templates. With these accelerators, INSTANDA will expand its support of personal, commercial, and specialty products for both admitted and non-admitted insurers.
Following a $19.5 million raise at the beginning of 2020, INSTANDA’s added 21 new clients in 2021 across the U.S., UK, Europe, and Japan, reaching more than 70 clients globally by the first quarter of 2022. INSTANDA’s U.S. clients include Markel, National General, and Brokkrr Inc.