INSTANDA, the cloud-native insurance solutions provider, today announced that London Underwriters has effectively carried out INSTANDA’s technology to create a brand new InsurTech – Bunch Insurance.
Founded in 2010, London Underwriters is an insurance wholesale broker focusing on writing admitted and non-admitted business for impartial retail agencies in forty-seven States. In July 2020, London Underwriters turned to INSTANDA for help to evolve its business strategy. As a conventional binding authority, it recognized that new InsurTech entrants were disrupting the way brokers were doing business. Rather than be removed from the distribution model, London Underwriters decided to augment its own processes by developing its very own InsurTech product without expensive structures implementations.
INSTANDA’s cloud native platform became the foundation of a mobile, flexible and malleable commercial insurance product – Bunch Insurance. As a new InsurTech program offering Commercial Property and General Liability coverages, the product is fully customizable and provides users with complete control of its development.
London Underwriters and Bunch Insurance CEO, Daniel Feigenbaum commented: “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.” INSTANDA’s low code platform enabled London Underwriters to combine different binding authorities, along with API-friendly distribution partners, to create an single user experience. Bunch Insurance aims to tap into as much third-party data possible, which means much less friction for the customer when applying for a quote. It also means more speed for agents and customers when quoting and binding policies.