Customer and policy management platform INSTANDA has launched its first insurance market product in Africa.
The product is launched in collaboration with its newly-onboarded client Standard Bank South Africa.
Both firms have worked closely together on the INSTANDA product in Africa. After one week of training, Standard Bank Insurance started working on the product themselves and took it to market in six months.
Standard Bank chose INSTANDA’s no code, cloud-based platform to enable better agility and autonomy in product management and digital distribution.
Tim Hardcastle, CEO & founder of INSTANDA, said: “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.”
In August 2020, INSTANDA partnered with consultancy Capco. Their combined goal was to accelerate digital transformation in insurance.
As a result, Capco will utilise INSTANDA’s cloud-based digital insurance software to support its clients’ transformation needs.
The insurtech also partnered with technology and consulting company Softelligence and brought the firm into Europe.
The alliance enables INSTANDA to expand its global reach and support its mission to digitally transform the insurance industry.
It is the insurtech’s first partnership in Europe and adds to its growing partner network. Partners currently include companies such as Deloitte and Microsoft.