INSTANDA has raised $19.5 million in Series A funding as it builds on the growth of its no-code customer and policy management platform.
The investment was led by Assembly Capital Partners, with the money helping to support the InsurTech firm’s expansion into the United States, Europe, Asia and Latin America.
The company is aiming to use its platform to drive digital transformation of the insurance industry’s legacy IT systems.
INSTANDA has operations in 12 countries, with over 50 clients, across insurance lines and distribution channels and is now seeking to grow its international footprint to build on its offices in the UK, USA, Chile, Japan and Australia.
Chief executive and founder Tim Hardcastle 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.”
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