Instanda, a company that provides no-code software tools for the insurance industry, has raised $45m (£36.7m) to fund expansion in Europe, the US, Japan and the UAE.
The London-headquartered company will also develop new capabilities for its platform, which lets insurance companies create products without specialist coding knowledge.
It does so with a combination of pre-built product libraries that can be adapted for specific insurance providers.
Instanda claims this means operators in the insurance space can take products to market “within days and weeks”.
The company’s cloud-based software is used by more than 70 businesses to build insurance products in areas including property, life and health.
Its clients include Atlanta, Standard Bank and Hamilton Fraser.
The insurtech’s Series B funding round was led by growth equity investment firm Toscafund, with additional funds coming from previous backer Dale Ventures.
It follows Instanda’s $19.5m Series A round in March 2020 and brings the company’s total funding to $72.5m.
“The funding from Toscafund is a significant milestone and will provide added impetus to aim higher in delivering exceptional client and user interactions,” said Tim Hardcastle, CEO and co-founder of Instanda. “Being able to digitise all aspects of the insurance value chain will allow insurance providers to transform the customer experience even further, whilst dramatically reducing processing costs, thus enabling them to bring a better insurance experience to more people and businesses around the world.”
George Koulouris, partner at Toscafund, said: “There is widespread belief that the insurance industry is ripe for change and disruption, yet very few companies prove they can really deliver significant improvements with a compelling value proposition. Instanda is one of those, so the potential is unlimited.”