Insurtech firm INSTANDA raises $19.5mn for global expansion
INSTANDA, a leading customer and policy...
The series A funding round will see UK-based insurtech INSTANDA through the next phase of its global expansion.
INSTANDA, a leading customer and policy management platform for the insurance industry has announced the completion of its Series A funding round. This round was led by Assembly Capital Partners. INSTANDA already operates across 12 countries, with 50 clients across the insurance lines.
Headquartered in the UK, the firm has offices in the USA, Chile, Japan and Australia. This investment round will support its international expansion into the United States, Europe, Asia and Latin America.
[image: Tim Hardcastle]
Tim Hardcastle, INSTANDA founder and CEO, 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.”
“Customers increasingly expect more personalised experiences, and with INSTANDA insurers are better equipped to respond to these changing demands. As the industry’s first no code platform to cover all lines of insurance, we’re putting power back into the hands of product and business development teams and offering a seamless pathway towards digital transformation whether via new products or migrating existing books. Today’s fundraising announcement is an important milestone that will help us bring better insurance to more people and businesses around the world.”
Who is INSTANDA?
Founded in 2012, INSTANDA seeks to provide self-configurable, agile and cost effective insurance solutions to leading progressive carriers, MGA’s and brokers in North and South America, UK, Europe and Australia.
Michael Baptista of Assembly Capital Partners is an early investor in the company and also sits on the Board, he added: “INSTANDA - unlike most Insurtech in the media - is a genuine innovator. The founding team identified a challenging but huge opportunity, has delivered and can now focus on scaling. INSTANDA frees insurers from inflexible legacy tech and from high-risk, high-cost, multi-year change programmes. Its no-code platform liberates insurers. It gives them the agility to price risk in ways that meet client needs in a changing world.”
He continues: “INSTANDA addresses a significant part of the value chain with astonishing metrics. Across both P&C and Life and Health in multiple countries, INSTANDA is one of the most promising insurtech businesses on the market.”
Did you know? According to Brown & Joseph, the very first insurance contract was signed in 1347 in Genoa, Italy.
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Check Point: Securing the future of enterprise IT
Cybersecurity solutions provider Check Point was founded in 1993 with a mission to secure ‘everything,’ and that includes the cloud. Conscious that nothing remains static in the digital world, the company prides itself on an ability to integrate new technology with its solutions. Across almost three decades in operation, Check Point, with its team of over 3,500 experts, has become adept at protecting networks, endpoints, mobile, IoT, and cloud.
“The pandemic has been somewhat of an accelerator in the evolution of cyber risk,” explains Erez Yarkoni, Global VP for Cloud Business. “We had remote workers and cloud adoption a long time beforehand, but now the volume and surface area is far greater.” Formerly a CIO for several big-name telcos before joining Check Point in 2019, Yarkoni considers the cloud to be “part of [his] heritage” and one of modern IT’s most valuable tools.
Check Point has three important ‘product families’, Quantum, CloudGuard, and Harmony, with each one providing another layer of holistic IT protection:
- Quantum: secures enterprise networks from sophisticated cyber attacks
- CloudGuard: acts as a scalable and unified cloud-native security platform for the protection of any cloud
- Harmony: protects remote users and devices from cyber threats that might compromise organisational data
However, more than just providing security, Yarkoni emphasises the need for software to be proactive and minimise the possibility of threats in the first instance. This is something Check Point assuredly delivers, “the industry recognises that preventing, not just detecting, is crucial. Check Point has one platform that gives customers the end-to-end cover they need; they don't have to go anywhere else. That level of threat prevention capability is core to our DNA and across all three product lines.”
In many ways, Check Point’s solutions’ capabilities have actually converged to meet the exact working requirements of contemporary enterprise IT. As more companies embark on their own digital transformation journeys in the wake of COVID-19, the inevitability of unforeseen threats increases, which also makes forming security-based partnerships essential. Healthcare of Ontario Pension Plan (HOOPP) sought out Check Point for this very reason when it was in the process of selecting Microsoft Azure as its cloud provider. “Let's be clear: Azure is a secure cloud, but when you operate in a cloud you need several layers of security and governance to prevent mistakes from becoming risks,” Yarkoni clarifies.
The partnership is a distinctly three-way split, with each bringing its own core expertise and competencies. More than that, Check Point, HOOPP and Microsoft are all invested in deepening their understanding of each other at an engineering and developmental level. “Both of our organisations (Check Point and Microsoft) are customer-obsessed: we look at the problem from the eyes of the customer and ask, ‘Are we creating value?’” That kind of focus is proving to be invaluable in the digital era, when the challenges and threats of tomorrow remain unpredictable. In this climate, only the best protected will survive and Check Point is standing by, ready to help.
“HOOPP is an amazing organisation,” concludes Yarkoni. “For us to be successful with a customer and be selected as a partner is actually a badge of honor. It says, ‘We passed a very intense and in-depth inspection by very smart people,’ and for me that’s the best thing about working with organisations like HOOPP.”