You can be forgiven for believing that the world of insurance is staid and boring; the industry is generally regarded as one of the most passive of all. However, you would be wrong, and the reason would be INSTANDA.
Who are INSATNDA? INSTANDA is an insurance software provider challenging the status quo. It has created a state of the art SaaS (Software as a Service) insurance software platform that allows you to build your products from scratch, configure them to suit you and your clients, and then launch them online at drastically-shortened timescales. Amendments no longer require weeks or days – they go live within minutes.
This leading-edge cloud software has completely revolutionized how the insurance industry operates. Fifteen of the world’s largest carriers in the U.S., Canada, Latin America, U.K. and Europe are already using INSTANDA software, and the company is fielding widespread interest from many others.
INSTANDA’s appeal lies in its unrivaled versatility, a characteristic that is literally unheard of in insurance.
The platform’s users have the power to configure any product in any way they want, from the most complex commercial scenario with sophisticated ratings and extensive documentation to simple gadget options. The distribution phase is as user-friendly and compatible with any distribution channel(s) across multiple brands, currencies, languages, and tax regimes.
No templates mean no limitations. INSTANDA is bringing the age of the off-the-shelf, one-size-fits-all model to a close.
The man behind this extraordinary rethink is INSTANDA’s Co-founder and CEO, Tim Hardcastle.
Tim has a long and distinguished career in the insurance and underwriting industry. He has held positions of leadership at FTSE 10 and FTSE 250 corporations, where his commitment to fusing technology with insurance has earned him widespread recognition and regard.
Prior to founding INSTANDA, Tim was the CIO at Hiscox and has worked on strategic consulting programs for major insurers like Chubb, Arthur J. Gallagher, and JLT. This accomplished background and the lessons learned at these prestigious institutions form the foundation on which Tim has built INSTANDA’s stunning success.
Two major limitations contribute to the bulk of the challenges faced by the insurance industry.
The first of these is that the arena is dominated by legacy systems that are typically three to four decades old. In almost any other industry, they would be relics from a bygone era; they are incapable of meeting the needs of consumers in today’s digital world.
It takes them an enormous investment of time, manpower, and money to get a product live.
The other significant factor is the difficulty in replacing these legacy systems. A typical implementation takes between two and four years, and costs tens of millions of dollars. Complicating matters further is the reality of the ‘change freeze’ that necessarily occurs during such implementations.
As a result, insurance providers are acutely averse to change.
INSTANDA gives every insurance company the ability to conquer both these obstacles with a single low-cost, easily-applied option. The product development and release lifecycle is change freeze to limit flexibility and innovation.
The savings of time and other resources are phenomenal.
INSTANDA’s innovative design philosophy helps it address challenges that have plagued the insurance industry for a generation. Using a combination of cutting-edge technology and inventive problemsolving, it is helping insurers reimagine what is possible.
Here are four key factors that drive its success.
Straight Through Processing (STP) Given that the world is increasingly relying on instant connectivity to make purchases, INSTANDA was designed with a focus on online/self-service interaction. Its end-to-end STP model provides limitless scale, reach, and delivery at marginal cost.
Self-Service and Control INSTANDA has gathered what is arguably the most experienced andinnovative design teams in the industry. They have created a platform that addresses the inherent complexity of varying regulatory and compliance guidelines, fluctuating appetites for risk, and inconsistent information presentation formats.
Customer Experience The modern consumer is choosy and willing to take their business elsewhere if they believe their needs are not being adequately met. By giving them unprecedented flexibility to choose exactly what they want, INSTANDA helps insurers retain their old customers and attract new ones.
Flexible Product Distribution The INSTANDA platform can handle any number of products over any number of channels or market segments, and each is under the direct and instantaneous control of the business user. This flexibility can be delivered directly to the consumer or via an intermediary.
An Upward Trajectory
When INSTANDA began work on their proprietary platform, they had only a few dedicated developers. That, it has today transformed into a team of 60 full-time employees.
Very early in their journey, the company was accorded lifetime membership of the Microsoft Accelerator’s global Alumni Program.
Another resounding success came when the company was one of just 175 from a pool of 8,500 start-ups selected by the world’s biggest start-up accelerator, Plug and Play Tech Center, for their InsurTech program in early 2017.
Over the last year, INSTANDA saw a fivefold increase in the number of live clients on its platform. The rise in the number of products those clients offer was even more significant – a 5,000% increase from 8 to 400.
With such major achievements marking its still-young journey, INSTANDA is perfectly poised to be one of the key players that will shape the insurance sector for a long time to come.
Source :-The 10 Most Innovative IT Infrastructure Solution Providers 2018
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