Insurance wholesale broker London Underwriters has tapped cloud-native insurance solutions provider INSTANDA to launch a new insurtech, operating under the name Bunch Insurance.

The new insurtech has been launched in Arizona, Texas, Louisiana, Mississippi, Alabama as well as Georgia. This was preceded by a Beta version of the business last September in Texas.

Bunch Insurance will provide commercial property and general liability coverages. It is said to be customisable, offering users full control of its development.

London Underwriters and Bunch Insurance CEO Daniel Feigenbaum said: “INSTANDA challenged our thinking of what we thought insurance was and could be. By being open minded, we have now created a minimum viable product that we can test and iterate on the fly – enabling a higher rate of success for our business.

“This is just the first of a ‘bunch’ of products we want to create for our consumers. We’re looking forward to partnering with INSTANDA on those future projects.”

London Underwriters, a firm set up in 2010, focuses on writing admitted as well as non-admitted business for independent retail agencies across 47 States.

The aim of London Underwriters behind the formation of the new insurtech was to strengthen its own processes without costly systems implementations.

The firm tapped INSTANDA in July last year to drive forward its business strategy.

INSTANDA North America executive vice president Greg Murphy said: “London Underwriters is a prime example of a traditional insurance company that is willing to think and act differently.

“INSTANDA’s platform is agile, user friendly and easily adaptable to the needs of any insurance business.”