Questions for INSTANDA
What Does It Do?
INSTANDA is a software tool which fundamentally changes how companies who sell insurance can design and deliver insurance products to the market. Traditional software confines creativity and variance as they typically prescribe processes or at best offer narrow windows of choice. INSTANDA presumes variety in product design and that workflows and rules will vary even in similar products. In that sense it is not an insurance system in the traditional sense, but a tool for building any insurance product and distributing it online, anywhere. With this in mind the purpose was to create an insurance product design and distribution toolkit, that underwriters, operation and marketing could use to rapidly scale their existing or new product portfolios.
What makes your company or product great?
INSTANDA is designed from the ground up with configuration in mind. This agility is achieved via innovations in every layer of the insurance system architecture; establishing a common foundation for selling any insurance product; allowing business users to configure each and every step in the workflow.
The combination of these facets allows insurers to design and build complex products within days and weeks.
This configurability means that INSTANDA is entirely agnostic to the product being sold, or to the distribution model being employed. Entirely new and unexpected products can be built in INSTANDA as easily as tried-and-tested product lines such as home and contents insurance.
Who is your target market?
Targeted towards Insurers, Brokers, and MGAs, INSTANDA can help them take a product from concept to point of sale in unprecedented timescales. Once online, the product can be amended at will, no matter how bespoke or complex, without needing to write a single line of code.
What's the typical ROI for an implementation of your product?
Depends on how many products and what type of products our client implement. As a rough indication we believe clients are able to operate ten times quicker and at a tenth of the cost.
What is your best success story?
Zurich Insurance UK
Client situation: Zurich Insurance UK was aware that their SME commercial combined offering was so difficult and time-consuming to use that brokers were actually refusing to even obtain a quote with them.
What they did: INSTANDA delivered a new digital broker platform with ease of trading as its key point of focus, within an unprecedented timeframe (17 months).
Impact: Zurich UK won the E-trading Initiative of the Year (Insurance Times) & Product innovation award in 2017 for the project with INSTANDA.