INSTANDA taps into insurance marketplace in Africa
INSTANDA, the leading customer and policy management platform for the insurance industry, has successfully launched its first African insurance market product on its platform with newly-onboarded client, Standard Bank South Africa.
INSTANDA has worked closely with Standard Bank Insurance to enable them to launch a new commercial cyber insurance product. After just one week of training, Standard Bank Insurance started working on the product themselves and were able to test and take it to market in under six months.
The product launch signals INSTANDA’s continued global expansion and supports its mission to drive forward the digital transformation of the whole insurance industry globally, following its $19.5m Series A funding round in March this year, and the announcement of a series of European partnerships earlier this summer. INSTANDA is headquartered in the UK with offices in the USA, Chile, Japan and Australia, and operates in 13 countries and with over 60 clients across all insurance lines and distribution channels.
Standard Bank is a financial institution that offers banking and financial services to individuals, businesses, institutions and corporations in Africa and abroad. In looking for ways to improve the speed of launching a range of insurance and financial products in its own marketplace, Standard Bank Insurance selected INSTANDA’s no code, cloud-based platform to enable better agility and autonomy in product management and digital distribution channels.
Tim Hardcastle, CEO & Founder of INSTANDA, comments: “Not only are we excited to be launching into yet another region this year, we are ecstatic that it is with a leading financial services firm and provider of bancassurance, focused on wealth management and financial wellbeing. Their ambitions from pursuing new markets at scale needed a technology partner who was able to provide a tailored solution to their needs. It is another significant step forward as we continue on our journey to bring agility and digital transformation to the insurance industry globally.“
Leon Vermaak, Global Head of Standard Bank Insurance, noted: “We were drawn to INSTANDA’s ability to launch products to market quickly and in a cost-effective way. For us, INSTANDA was the obvious choice as an agile solution, which will enable us to increase our ability to quickly change rates, product rules, user experience and address market demands. We expect a broader ‘product per customer’ penetration for existing Standard Bank customers, and more new customers over time as the product portfolio grows.”