INSTANDA & Capco to accelerate digital transformation in insurance space

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Customer and policy management platform INSTANDA has teamed up with Capco to speed up the ongoing digital transformation in insurance. The partnership will enable Capco to use INSTANDA’s cloud-based digital insurance software for supporting its clients’ transformation needs.

Tim Hardcastle, CEO & Founder of INSTANDA, commented, “I am delighted to announce our partnership with Capco today. The partnership between INSTANDA, the first no-code platform for the insurance industry, and Capco represents the future of the industry; one fit for purpose; where operational efficiency reduces costs and where traditional incumbents don’t just compete with challenger insurers in the application of digital and data, they do it better.”

The companies stated that the adverse impacts arisin from the pandemic has placed pressure on the insurance industry as well as its IT systems. This has prompted firms to explore new platform options when reviewing future technology needs, thus increasing demand for technology solutions driven by data and collaboration.

INSTANDA operates exclusively through Software-as-a-Service (SaaS) and aims to adopt a radically different approach to insurance product innovation. Its no-code product design platform is built on a set of insurance specific calculations, processing and workflow capabilities.

Matt Hutchins, Partner and Insurance Lead at Capco, commented, “The pandemic and its associated impacts have forced insurers to reflect on how their operations might be improved through the acceleration of their digital transformation plans. Streamlining their businesses, reducing cost, and improving customer experience are all key priorities – but other challenges are also coming down the line that will require flexible, cost-effective, and open architectures with integrated data analytics, for example, Open Finance. Such architectures are critical to generate the right insights and support the push to hyper-personalisation of products and services for customers.”