The UK-founded no-code insurance customer and policy management platform INSTANDA has landed $19.5 million in a Series A funding round. The investment was led by Assembly Capital Partners and will be used to support the company's expansion effort in the US, Europe, Asia, and Latin America.
INSTANDA claims to be the “insurance industry’s first no-code business platform,” aimed at reducing operating costs and increasing the efficiency of insurance companies. The startup is active in 12 countries and is now working with 50 clients; headquartered in the UK, INSTANDA also has offices in the US, Chile, Japan, and Australia.
“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,” said Tim Hardcastle, INSTANDA founder and CEO. “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.”