Start-Up: Instanda

Company: INSTANDA

Year launched: 2012

 

Management team: Tim Hardcastle (CEO)/ Derek Hill (COO)

 

Number of employees: 60

 

About INSTANDA: 

INSTANDA is a leading-edge cloud software that enables you to easily create, manage and distribute your insurance products. INSTANDA enables any insurance product to be distributed through any online channel, and for real time underwriting and user experience (UX) changes.  15 of the world’s largest carriers in the US/Canada/Latam/UK and Europe are using INSTANDA software.

How did the idea for the business originate?
Co-founders Tim Hardcastle and Derek Hill (COO) had personal experience of the technology challenges facing insurance companies. Addressing the challenges of deploying product innovation to the market at speed whilst also remaining cost effective became the cornerstone for the initial INSTANDA platform. In addition to this, drawing on Tim and Derek’s significant experience outside of the insurance sector, the platform has also benefited by leveraging operating models outside of the sector in the initial design of the Azure hosting model.

Do you have customers yet? If not, how far into your business lifecycle are you?

INSTANDA currently has 35 clients, 30 won in the past 18 months, with many more being added every month. Clients are operating with INSTANDA in the US, Canada, UK, Ireland, Spain, Germany, Denmark, Chile and Australia. Clients range in size from the world’s largest (5 clients) to small starts ups (5 clients). Other clients are mid-range typically $0.5Bn – $4Bn GWP. The client use of the platform is extensive from full policy admin to front end distribution.


What would a successful 2018 look like for you?
Continue to grow with more carriers in the UK and internationally on the platform. Last year saw a 500% increase in the number of live clients on the INSTANDA platform. Even more dramatic is the number of products being transacted by those clients, up from 8 to 400. A rise driven both by new client wins and by in-account growth. 

Check out a short overview of INSTANDA here

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