"No-code" insuretech platform Instanda raises $19.5m
London-based insuretech platform Instanda has secured $19.5m in Series A funding.
The startup claims to be industry's "first no-code business platform", aims to reduce operating costs and increase the efficiency of insurance companies.
The round, which takes the total raised by Instanda to $28.1m, was led by Assembly Capital Partners and will be used to support the company’s expansion in the US, Europe, Asia and Latin America.
The startup is already active in 12 countries and is working with 50 clients including AXA, Hisco, Aviva and Zurich.
Co-founder and CEO Tim Hardcastle (pictured), who previously served as CIO of UK insurance firm Hiscox before becoming founding parter of London-based F2X Group, which owns Instanda, said: “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."