INSTANDA, a customer and policy management system, has secured $19.5m in a Series A round led by Assembly Capital Partners.
The equity line will be used to bolster INSTANDA’s international expansion across the US, Europe, Asia and Latin America. INSTANDA is currently used in 12 countries and by over 50 clients across all insurance lines and distribution channels.
In addition to growing its footprint, the company is looking to develop its distribution channels and grow its partner network.
INSTANDA, which is headquartered in the UK, designs cloud-based software which empowers insurers to create, manage and distribute insurance products. The platform is configurable so it can adapt to the customer and business needs.
This investment comes after INSTANDA has seen triple digit growth for several years, it claims.
INSTANDA founder CEO 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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