Insly Year in Review 2022
2022 was an exciting year for Insly; we released a string of new system updates, showcased our low/no-code tools at several high-profile industry events, and gained new clients from a range of insurance service providers – including MGAs.
In this Insly Year in Review article, we will run through some of our key achievements from the last 12 months.
We will also outline some more details on our platform updates, and offer advice to MGAs and insurers on how they start 2023 off with the best insurance software tools to streamline their operations.
Insly launches an agile claims management platform
Findings from McKinsey reveal that automating the claims journey can reduce insurers’ operation costs by as much as 30%. However, only 4% of insurance brands currently utilise claims automation software within their organisations.
At Insly, we’ve devised the perfect solution for businesses that want to explore automated insurance claims technologies but don’t have the resources to code bespoke systems.
We are immensely proud of our product development team's efforts in 2022 in building a low/no-code automated claims handling module within the Insly platform. Our solution is so easy to set up, even companies with zero coding expertise on-hand can configure their ideal claims management software.
Insly’s claims module is capable of automating the entire claims handling journey from FNOL to final settlement at a significantly lower cost than developing a solution in-house. Plus, all account activity is logged, allowing analytics and operations teams to monitor and improve services over time.
Premium accounting and reporting made easy
Preparing Bordereaux reports and handling double-entry ledger accounting is costly and time-consuming if your accounts team processes this vital information manually.
However, in October last year, we released Insly's updated premium accounting and financial reporting features, which offer a wide range of functionalities for financial forecasting and managing your Book of Business. With Insly, revenue is recognised automatically and all business transactions create a complete audit trail within your systems.
Businesses like CHES and Renovation Underwriting are already making extensive use of Insly's comprehensive accounting and finance tools to increase operational efficiency and reduce admin costs.
Insly completes a bridge round for €1.1 million to spur platform development
In September 2022, we raised a €1.1 million bridge round from Concentric, Uniqa Ventures, and Fund Fellow Founders, bringing the total amount of investment up to €5.8 million.
This milestone allows us to continue onboarding new customers, enhance Insly’s platform's capabilities, and achieve our mission of creating the world's most successful low/no-code insurance platform. Find out more about our latest investment round here.
Insly showcases its end-to-end insurtech solution at three major trade shows
MGAA 2022 Conference
After a three-year sabbatical, we were thrilled to attend the MGAA 2022 Conference on 29th June in London.
Märtin Kosk (Head of Sales) and Luc Oppenheim (Senior Account Executive) exhibited our underwriting assistant platform and noted that demand for automated solutions had grown in the industry since Insly last attended the conference in 2019.
Delegates were impressed with our platform’s modular architecture, its ability to design and launch new insurance products quickly, and its accessible data intelligence features. Read more about our top seven automated underwriting workbench essentials here.
Digital Insurance Agenda (DIA) Conference 2022
We also sent Insly's Head of Growth and Marketing, Hammad Mirza, and Chief Product Officer, Kestutis Naureckas, to demonstrate Insly's capabilities at the Digital Insurance Agenda (DIA) Conference in Amsterdam (29-30 June 2022).
The event attracted over 1,300 insurance experts, and we were honoured to be given the opportunity to present a full product demo of our automated underwriting toolkit.
In addition, our presentation set out to thoroughly debunk the insurance industry myth that automated insurance tools are incapable of handling complex underwriting processes and manual processes in this field are far superior.
For some more information on how Insly’s automated underwriting toolkit can effectively reduce underwriting costs while simultaneously boosting sales, check out this case study from UKIS (a UK-based MGA specialising in Motor Trade Road Risks Only insurance).
BIBA Conference 2022
MGA firm, MGA Encompass, exhibited our platform’s capabilities at the BIBA Conference in Manchester (held on the 11th and 12th of May 2022). Until last year, the company had not traded its range of Property Owner’s insurance products through an online platform. But thanks to the team at Insly, we were able to tailor a solution in just two weeks. MGA Encompass now has an automated Quote and Bind solution that eliminates manual admin in these processes, boosting the brand’s potential to extend its workload.
Attendees of the show watched live demonstrations of Insly’s tools. Namely, it can create quick online quote forms, calculate premiums through rating engine connectivity, and automate the entire process of creating and distributing policy documents.
Delegates were very impressed with the Insly platform’s intuitive user interface and how streamlined the underwriting tools are in returning an accurate quote.
We are always happy to provide MGA and insurance brands with the tools they need to trim down back-office tasks so they can concentrate on the value-building functions that increase their company’s bottom line.
Insly continues to enable MGAs and insurers to operate faster, smarter and cheaper
Since Insly was founded back in 2014, we have expanded to a 100-person team serving over 15,000 brokers, MGAs, and insurers across 52 countries.
In the past year, we broadened our network of industry contacts, advisors, and influencers, interviewing insurance experts like Marco Del Carlo (CEO of Capacity Place) and Richard Finan (Director of Strategic Development at Arc Legal Group). We interviewed both of these industry leaders to get their opinions on what's on the horizon for the insurance industry in the years ahead.
In the past 12 months, we also saw our internal talent pool expand. We welcomed Stephen Lathrope as an advisor who has over 30 years of experience in the insurance industry. His goal is to help us maximise the potential of our low/no-code sales and policy management software.
Our other ambitions for 2023 include the following:
- Expanding our customer reach.
- Improving Insly's platform capabilities further.
- Building on our track record of being at the forefront of insurtech innovation.
So, if you would like to find out more about how Insly's low-code insurance software can enhance operations at your MGA or insurance company, contact us to book a demo now.