Capco joins Deloitte as a partner of InsurTech firm Instanda

Capco has inked a partnership agreement with insurance software provider Instanda.

Established in 2004, Instanda is a provider of IT solutions to the insurance industry. Since launching in the UK, the firm has grown from a start-up to a 100-strong company operating in 12 countries serving over 50 clients across all insurance lines and distribution channels, including the likes of Aviva, Axa and Zurich. 

The launch of a no code platform a few years ago – according to founder and chief executive Tim Hardcastle the first such platform in the world of insurance – significantly accelerated Instanda’s growth, and fuelled its ambition to become a global player. Seeking to realise this target, in March this year the London-based company raised $19.5 million in financing in a Series A fundraising round led by Assembly Capital Partners.

Much of the growth will be driven and supported by Instanda’s partner network – an ecosystem of firms that team up with the software vendor to provide joint clients with consulting, implementation, system integration and technology expertise. Microsoft is the firm’s main technology partner (the two companies have developed an offering dedicated to Microsoft Azure), while regional partnerships have been agreed with Softelligence (Europe) and Exponential (Latin America).

Meanwhile, Capco has been admitted into the partner network as a global consulting and implementation partner, joining fellow consulting industry heavyweight Deloitte which has a similar status.

Deloitte is one of the world’s largest management and technology consulting firms, and its Financial Services practice serves insurance clients in 100+ countries, while Capco is one of the world’s largest consultancies dedicated to the financial services industry.

According to Capco’s Head of Insurance Matt Hutchins, the partnership comes at a time when insurance companies are more than ever feeling the heat of having to digitise their operations. He explained, “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.” 

Leveraging Instanda’s cloud-based digital insurance software, the two consulting firms are better positioned to help insurance companies and brokers across life, health and property and casualty with unlocking the potential of digital transformation, including migrating away from legacy IT systems to modern applications. The solutions also bolster their offerings aimed at operational efficiency, risk and compliance, customer experience, data analytics and big data, and digital-driven innovation. 

Hardcastle said, “We’re delighted to partner with Capco. The partnership 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.”