One cannot contribute substantially to the world without extending their horizons. Making a difference in the world is possible by going beyond shallowness and taking a fearless approach to high-value decisions. Making this decision a reality with an evolving solution-oriented approach to improve the systems and processes for the better, business leaders are leading the charge.
Realizing the loopholes in the insurance industry, Tim Hardcastle took much-needed efforts to bridge the gap with innovative ideas to deliver better solutions. As the CEO and Co–founder of INSTANDA, Tim has built an insurance platform built for insurers, by insurers with a mission to digitize the insurance industry. INSTANDA is solving challenges for all insurance providers, enabling them to offer an unrivaled customer experience at a efficient cost.
Recognizing the Gap in the Insurance Industry
INSTAND A’s beginning is much like many other technology breakthroughs – born from a frustration of how legacy systems were holding back insurance productivity. Its founders knew there had to be a better way. Before INSTANDA, Tim was working at Hiscox as the CIO. Despite Hiscox being perceived as one of the market leaders in technology, Tim quickly realized that insurance technology had a long way to go. So, determined to find a better, more reliable route for insurers to drive their businesses forward and create an insurance industry fit for the future, another cofounder of INSTANDA and Tim gave up the comfort of corporate life and set up a technology consultancy. They spent several years working with clients to test and eventually proved their hypotheses on market needs. That consulting time was essential, and it baked in their thesis regarding what was needed.
Changing Insurance for the Better
INSTANDA is a digital policy administration platform built because of the core belief of its co-founders that insurance can and must change for the better. INSTANDA provides a seamless and straight-through experience for customers, businesses, and clients. Its platform is designed to be ‘no code,’ allowing business users to build and launch products quickly and efficiently without IT intervention. With INSTANDA’s expertise, Carriers and Managing General Agents (MGAs) can rest assured that INSTANDA’s platform is built to adapt to the ever-changing needs of the insurance industry.
Having Deep Level of Expertise in Insurance and Technology Services
INSTANDA’s senior leadership team has a deep level of expertise in insurance and technology services, with over 300 years of combined industry experience among them. They guide a team of 150+ highly-talented professionals globally.
INSTANDA is now live in 14 countries across 2500 products, with over £1bn going through the platform. The numbers speak for themselves. The deep domain insurance expertise that the team has is backed by the design thinking that went into the platform. It is inherently insurance, and Tim knows that gives INSTANDA’s clients absolute confidence that it is the right solution for them.
Creating New Possibilities for Incumbents and Insurtechs
The great thing about insurtech is that it continues to develop in all significant hubs globally. Some of the models that emerged from Asia accurately, such as Ping An, are impressive. The appetite among insurtechs to collaborate has also fuelled the progression. This maturing of Insurtech is what is starting to open doors and create new possibilities for both incumbents and the larger insurtechs such as INSTANDA.
Shining Brightly Forever
The momentum for change is broader and deeper than years ago when the insurance industry was early in its availability in the market. Tim notes, “There is still so much further to go; while it might have run a risk of burning bright and fizzling out 3-4 years ago, a firework display, now it is clear that its transformation is a small sun, it will burn brightly forever, we need the sun to be as big as the whole industry.”
Continuing the March to Digitalization
The insurance industry will see more deployment of AI in the coming times since it is getting smarter every day and will enhance or replace what were people-managed processes. Increasing connectivity (e.g., real-time IoT) will allow for advances in loss avoidance and, where it does happen, accelerated claims settlement.
Tim says, “The march to digitalization will continue, increasing personalization and streamlining of operations using INSTANDA!”
Being at the Forefront of the Change
The direction of travel for all software is simpler to use, flexible, and of great value. Insurance core platforms are not that today. In the longer term, they will be, and given INSTANDA is the first ‘no code’ platform, it will be at the forefront of that wave of change.
INSTANDA’s vision is that every progressive insurer and MGAs in its key markets will use the INSTANDA platform.
Preparing for Large Scale Success
Tim advises aspiring entrepreneurs in the software sector, “If your software will be sold B2B and it’s a core application, your plan must have a long run-up. Bootstrap to generate revenues and then find an intelligent, patient capital partner. Large scale success will follow.”