Press Release: November 26, 2020
Global investment firm Dale Ventures (www.Dale.com) has increased its stake in insure-tech firm Instanda(www.Instanda.com) by investing an additional £5.8 million, confirming its confidence in what CEO Dale W. Wood has called a “genuinely innovative” company.
Instanda provides innovative platforms that enable insurance providers to streamline creation, management, and distribution of products. Industry veteran Tim Hardcastle, former global CIO of Hiscox, founded Instanda to transform the insurance product roadmap and has leveraged technology to ensure effective mass communication and low distribution costs. The company attracted the interest of industry experts and investors worldwide, one of whom is Dale Wood. After his initial investment in the company, Dale Wood has increased his stake with an additional£5.8 million.
“Instanda is a genuine innovator. The founding team identified a challenging but promising opportunity, has delivered, and can now focus on scaling. Instanda frees insurers from inflexible legacy tech and from high-risk, high-cost, multi-year change programs,” Dale W Wood said.
The insurance market across the world has continuously evolved as different players contribute to the development of the market. The property and casualty sector in the United States – the world’s biggest insurance market – is building upon a strong 2018 and the industry is experiencing a net income increase of 66 percent, to $60 billion USD, according to the 2020 insurance outlook published by Deloitte.
Despite promising statistics, the industry remains plagued with several challenges including mass customization and low distribution costs. As stakeholders strive to overcome these obstacles,Instanda has stepped in to change the narrative and create solutions that increase productivity industry-wide.
Instanda quickly attracted attention for its customer and policy management platform, which takes inflexible, expensive, and inhibitive insurance products and offers an agile, low cost, and self-configurable solution.
Through Dale Ventures, Dale Wood was one of the early investors in Instanda, which has now attracted a range of different backers who recognize the potential of its technology-driven solutions. The realistic possibility of large-scale growth led to the additional £5.8 million investment, adding to Dale Wood’s portfolio that includes technology, media, real estate, and business service investments across the world.
Since his initial investment, Dale Wood has joined tech companies and others in the insurance industry in expressing his optimism for the future of Instanda. The company was shortlisted by Insurance Times for Best Use of Technology in 2019, and selected for Oxbow Partners InsurTech Impact 25. By increasing his stake in the company, Dale Wood continues to express his confidence in the future of Instanda and its ability to transform a rapidly-changing industry.
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