Happy New Year from the Insly team! As we kick off 2024, we wanted to take a moment to look back over the highlights of the last 12 months, both for Insly as a business and on our popular blog.
We made some huge steps forward in our mission to revolutionise the insurance industry in 2023, including securing £1.5 million in funding to accelerate our growth. Other big milestones were being selected for the 2023 PwC Scale InsurTech Programme, celebrating our 10th anniversary, and acquiring TubaPay’s insurance arm.
On our blog, we set out to provide even more value to our readers, publishing two educational eBooks: “The Ultimate Insurance Software Buyer’s Guide” and “Your Complete MGA Guide to Premium Accounting and Reporting“. We also shared two inspiring customer success stories; on Accelerate Underwriting developing a niche MGA business, and how Ridge Canada leverages Insly for data-powered cyber insurance.
Plus, ending the year on a bang, we’ve just made an exciting announcement about an AI-powered product builder, which is currently being developed by the Insly Innovation Lab and will be ready for our customers to use in 2024.
Insly’s Highlights of 2023
Insly secures £1.5m in venture debt funding
In November, Insly secured £1.5 million in venture debt funding from Hambro Perks, a leading venture debt provider, known for its commitment to supporting visionary companies. The funding will fuel our mission to revolutionise the insurance industry by accelerating product development and boosting our sales and marketing efforts.
Insly celebrates its 10th anniversary
November was also when we celebrated our 10th anniversary with customers and partners in London. We are incredibly proud of what we have built over the last 10 years and how we have helped MGAs, brokers, and insurers to digitise their operations. The event was an opportunity to share this milestone with everyone who has supported us, and our CEO and Founder, Risto Rossar, shared some insights about Insly’s journey so far and what the future holds.
Insly acquires the insurance arm of TubaPay, the payments company
A significant milestone in our journey – in November Insly acquired the insurance arm of TubaPay, an application enabling insurance agents to process premium payments via credit card and online. This strategic move allows us to expand our service offering and move forward with our plan to provide MGAs, insurers, brokers, and agents with all the technology and services they need.
BrokerFlow launch
In May, we launched BrokerFlow, a tool designed for insurance brokers, enabling them to digitise their sales workflow, including application forms, risk surveys, and customer proposals. As many brokers still create proposals and risk surveys manually, the tool helps them to streamline the sales funnel, while helping end clients to make better insurance decisions.
Insly picked for PwC UK Scale InsurTech Programme
In October, Insly was chosen as one of ten fast-growth insurtechs for the 2023 PwC Scale InsurTech Programme. Designed to accelerate growth, Insly was “handpicked based on our view of impact and their ability to drive lasting change across insurance,” according to PwC.
Andrea joins as Chief Sales Officer to Accelerate Growth
We were also excited to welcome Andrea Boetti to Insly in October, as our new Chief Sales Officer! Andrea brings 15 years of fintech experience with him and we’re confident that he will help Insly accelerate its growth and achieve its ambitious goals.
Insly’s Customers Share their Stories
We interviewed two of our customers last year to understand how software has proven a valuable investment for their businesses. We’ve shared these success stories with all of you in the client stories section of our website.
How Insly helps Ridge Canada deliver data-powered cyber insurance
In this conversation with Greg Markell, the President and CEO of Ridge Canada, we learn about the company’s main objectives for choosing insurance software and how it accomplished them with Insly’s help.
How Accelerate Underwriting developed a lucrative niche MGA with Insly
In this insightful interview, Scott Brown, Founder and Managing Director of Accelerate Underwriting describes how Insly enabled him and his team to develop a profitable niche MGA business. He also shares what Sylvester Stallone and MGAs have in common!
Insly’s eBook Guides – Digging a bit deeper
Last year, we published two eBooks in response to demand for more in-depth information about certain topics.
The Ultimate Insurance Software Buyer’s Guide
Navigating the diverse landscape of insurance software can be a challenging task. This ebook is designed to streamline the process of choosing the right insurance software for your business, providing a helpful guide to ensure you make informed decisions.
Your Complete MGA Guide to Premium Accounting and Reporting
In today’s fast-paced insurance industry, MGAs and insurance carriers face unprecedented financial pressures. That’s why we’ve created this comprehensive guide to help you navigate the challenges in premium accounting and reporting.
The most-read blog articles in 2023
It isn’t just the business that has had success last year, our blog team has also been busy creating even more educational and informative content for our customers and readers.
2023 Top Insurance Software Products for MGAs
In this helpful guide, we have compiled the top MGA software picks based on three of the most popular software comparison sites. Read the updated 2024 version here.
Updating Quote and Bind Processes for Underwriters
In this guide, we explored the reasons why it is crucial to invest in automated tools for quote and bind.
Insly Market Outlook: MGA Industry Trends 2023
In this guide, our CEO, Risto Rossar, Chief Product Officer, Kestutis Naureckas, and Claims Product Manager, Eero Link, share their predictions on the future of low-code technologies, distribution channels, and business intelligence tools.
Our Future Outlook – an AI Product Builder, coming in 2024
Finally, we are excited to announce that our R&D team, the Insly Innovation Lab, has been working on developing a beta version of an AI-powered product builder that will transform the speed and efficiency of customer implementation on the platform. Watch the demo here.
Streamlining the process of building insurance products is the first step, and with the AI product builder it’s possible to build a product form from text-based instructions, or even an image of text, for example, notes on a whiteboard or notebook, rather than the usual Insly drag and drop functionality.
Drawing on pre-fed insurance product data, the AI algorithm can also suggest its own recommendations of what should be included, or what might be missing, based on its own understanding of product requirements. We anticipate having a version ready to be used by customers at some point in 2024.
Watch our CEO, Risto Rossar present a demo of the prototype product builder and register your interest in the finished product here.
