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April 1, 2021

London Underwriters turns to INSTANDA to launch new insurtech

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

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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.”

 

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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