London Underwriters implements INSTANDA’s technology
INSTANDA, the UK-based cloud native solutions provider, has been instrumental in evolving London Underwriter’s business strategy, as the company sought expert advice is transitioning to a more contemporary business distribution model.
Currently, London Underwriters, which operates in 47 states across the US, specialises in writing admitted and non-admitted business for retail agencies.
Founded in 2010, the company’s move towards a less traditional and disruptive approach has been realised through the development of its own insurtech product.
Meanwhile, INSTANDA equips MGAs and carriers with the tools to depart from their legacy systems by reinventing their narrative on building, implementing and servicing products. The SaaS digital insurance management platform enables insurers to meet the latest demands of customers in the swiftly developing insurance marketplace.
Currently, INSTANDA’s cloud native platform is the foundation of the new, flexible insurance solution that provides general liability and commercial property coverages that enables customers to have control over the cover they order.
INSTANDA's low code platform allowed London Underwriters to merge different binding authorities, along with API friendly distribution partners, to create a single user experience. Bunch Insurance will also harness as much third-party data as possible, providing a more user friendly experience for customers applying for quotes as well as speeding up processes for agents and clients.
Speaking about the new insurtech, Daniel Feigenbaum, London Underwriters and Bunch Insurance CEO 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."
Greg Murphy, Executive V ice President of INSTANDA North America, added, "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. We're excited to see how Bunch Insurance is received. We look forward to supporting London Underwriters to create sustained innovation in a complex market."