Instnt, a US-based insurance technology company, has formed a strategic partnership with Munich Re to expand reinsurance capacity for its Fraud Loss Insurance product.
The solution merges AI-driven identity verification and fraud detection with insurance-backed protection to help businesses manage financial risks tied to identity fraud.
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Instnt founder and CEO Sunil Madhu said: “Our mission is to make fraud a manageable, insurable risk, not a constant cost of doing business.
“With Munich Re’s backing, we are delivering the robust underwriting, loss mitigation and claims management capabilities needed to support this transformative protection.”
Instnt claims that its offering combines AI-led verification and insurance-backed protection to “provide a path to recovery, growth, and lasting resilience against fraud”.
The solution enables businesses to onboard more customers while reducing exposure to financial losses from identity fraud.
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By GlobalDataIt uses real-time AI-driven customer verification and fraud detection to identify and onboard authentic customers while blocking fraud attempts.
Additionally, it allows businesses to transfer potential losses to a trusted insurance infrastructure supported by Munich Re and other partners.
Businesses can file claims online and receive payouts within 30 days, freeing up fraud reserve capital for growth and operations, the tech company said.
Munich Re and HSB Insure AI head Michael von Gablenz said: “Instnt combines AI-based fraud detection technology with financial risk transfer, in case the AI fails to recognise fraud events.
“This combination of AI and fraud insurance can provide protection for companies against a wide range of fraud events. My team utilises experience and expertise from our aiSure AI insurance solution and acts as reinsurer behind Instnt’s Fraud Loss Insurance.”
