Instnt, a digital onboarding platform focused on identity fraud loss protection, has been granted Insurance Certification in New York, marking a significant regulatory milestone for the InsurTech firm.
The certification allows Instnt to legally promote and offer its services within the state. The company underwent a comprehensive review by New York’s insurance regulators to verify compliance with legal and operational standards. While the certification does not directly change the customer experience, it affirms Instnt’s adherence to state regulations and reinforces its commitment to secure, responsible operations.
“Securing our New York license reflects our commitment to responsible, compliant growth,” said Sunil Madhu, Founder and CEO of Instnt. “Fraud isn’t limited by location. As we expand access to our identity fraud loss insurance solution to new markets, we continue to ensure our operations meet the highest regulatory standards in every location.”
Instnt provides identity fraud loss protection that enables businesses to shift fraud-related financial risk to global insurers. The company combines AI-powered fraud detection with no-code and low-code integration, offering rapid deployment alongside existing tools.
According to the company, fraud cost businesses $485.6 billion globally in 2023. In North America, each dollar lost to fraud costs financial institutions $4.41 on average. Instnt aims to address this with a new category of insurance-backed risk transfer solutions.
With New York’s certification, Instnt is expanding its footprint in one of the most regulated insurance markets in the U.S., aligning with its broader goal of advancing compliant digital transformation in the industry.
