Overview
INSTANDA is a UK-based Software-as-a-Service (SaaS) platform specializing in no-code insurance software solutions tailored for insurers, Managing General Agents (MGAs), and brokers. This platform enables users to efficiently design, configure, and launch insurance products online, aiming to revolutionize the traditional insurance landscape. Operating internationally, INSTANDA has offices in North America, UK & Europe (HQ), Asia Pacific, and LATAM. The firm is driven by a mission to digitize the insurance industry, offering unparalleled customer experiences at reduced costs.
Founding and Growth
Founded in 2012 by industry veterans frustrated with legacy systems impeding insurance innovation, INSTANDA launched its initial client implementation in 2015. By 2016, it was recognized among the top 50 InsurTech innovations. The 2019 expansion to North America marked a significant growth phase, further bolstered by a successful Series A funding round in 2020 that raised $19.5 million.
Leadership
Tim Hardcastle, CEO and Co-Founder, brings extensive insurance sector experience crucial to INSTANDA's innovation-driven journey. Ben Snape, as Global COO, enhances operational excellence and client satisfaction. The executive team, embodying over 300 years of combined industry expertise, supports a dynamic global workforce of 112 employees.
Services and Capabilities
INSTANDA provides an adaptive and flexible insurance platform, allowing the creation, deployment, and management of products without extensive technical knowledge. This empowers insurers to stay competitive, addressing market changes with agile, technology-based solutions.
Mission, Vision, and Values
INSTANDA's mission focuses on transforming the insurance sector by resolving existing challenges and enabling insurers to provide superior customer services. Its vision foresees a future where every leading insurer leverages the platform to better serve global clients. Core company values include honesty, client-centric approaches, continual improvement, and fostering diversity and inclusion.
Notable Achievements
INSTANDA has been at the forefront of integrating new technologies to align with emerging industry trends. Recent strategic advancements include significant client acquisitions, a well-funded market position, and robust partnerships augmenting its platform capabilities.
Market Position
In the insurtech sector, INSTANDA is positioned as an agile innovator, securing collaborations and partnerships that extend its market reach. Its robust platform serves a diverse array of insurance industry needs, establishing it as a reliable player in digital transformation.
Competitive Landscape
INSTANDA operates in a competitive market landscape, with key competitors including:
- Applied Epic: Leading insurance management platform praised for its integrative business management capabilities across diverse insurance sectors.
- Duck Creek Technologies: Offers a comprehensive suite of insurance solutions designed for P&C insurers, known for their flexible, digital-first approach.
- HawkSoft: Delivers management systems tailored around agent workflows, valued for their intuitiveness and operational efficiency for independent agencies.
- Acturis: A prominent UK-specific SaaS provider offering real-time premium finance integration and e-trade capabilities.
Competitors’ Edge
- Applied Epic boasts strong scalability and integration, particularly with platforms like Salesforce, enhancing agency operations.
- Duck Creek Technologies emphasizes a low-code, cloud-based approach, allowing rapid innovation for P&C insurers.
- HawkSoft is noted for a customer-focused service model and workflow simplicity, appealing to smaller agencies.
- Acturis provides integrated SaaS solutions in the UK, contributing to efficient insurance business process transformations.
Strategic Insights
To enhance competitive positioning, INSTANDA should leverage its no-code advantage and customization prowess to attract agile-seeking businesses. Reinforcing partnerships in regions with growth potential, coupled with robust customer support, could further augment its strategic edge.
INSTANDA remains well-positioned within the insurance technology ecosystem, capitalizing on its platform's unique capabilities to meet industry demands amidst a competitive landscape of dynamic, established players.
