{"id":15925,"date":"2023-01-31T15:26:33","date_gmt":"2023-01-31T12:26:33","guid":{"rendered":"https:\/\/insly.com\/?p=15925"},"modified":"2024-03-17T18:41:17","modified_gmt":"2024-03-17T15:41:17","slug":"insly-year-in-review-2022","status":"publish","type":"post","link":"https:\/\/insly.com\/en\/blog\/insly-year-in-review-2022\/","title":{"rendered":"Insly Year in Review 2022"},"content":{"rendered":"
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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 \u2013 including MGAs.\u00a0<\/span><\/p>\n

In this Insly Year in Review article, we will run through some of our key achievements from the last 12 months.\u00a0<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

Insly launches an agile claims management platform<\/b><\/h2>\n

Findings from McKinsey reveal that automating the claims journey can reduce insurers\u2019 operation costs by as much as <\/span>30%<\/span><\/a>. However, only <\/span>4%<\/span><\/a> of insurance brands currently utilise claims automation software within their organisations.\u00a0<\/span><\/p>\n

At Insly, we\u2019ve devised the perfect solution for businesses that want to explore automated insurance claims technologies but don\u2019t have the resources to code bespoke systems.\u00a0<\/span><\/p>\n

We are immensely proud of our product development team’s efforts in 2022 in building a low\/no-code <\/span>automated claims handling module<\/span><\/a> within the Insly platform.\u00a0 Our solution is so easy to set up, even companies with zero coding expertise on-hand can configure their ideal claims management software.\u00a0<\/span><\/p>\n

Insly\u2019s 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.\u00a0<\/span><\/p>\n

\"Claims<\/p>\n

Premium accounting and reporting made easy<\/b><\/h2>\n

Preparing Bordereaux reports and handling double-entry ledger accounting is costly and time-consuming if your accounts team processes this vital information manually.\u00a0<\/span><\/p>\n

However, in October last year, we released Insly’s updated <\/span>premium accounting and financial reporting<\/span><\/a> 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.\u00a0<\/span><\/p>\n

Businesses like <\/span>CHES<\/span><\/a> and <\/span>Renovation Underwriting<\/span><\/a> are already making extensive use of Insly’s comprehensive accounting and finance tools to increase operational efficiency and reduce admin costs.<\/span><\/p>\n

Insly completes a bridge round for \u20ac1.1 million to spur platform development\u00a0<\/b><\/h2>\n

In September 2022, we raised a \u20ac1.1 million bridge round from<\/span> Concentric<\/span><\/a>, <\/span>Uniqa Ventures<\/span><\/a>, and <\/span>Fund Fellow Founders<\/span><\/a>, bringing the total amount of investment up to \u20ac5.8 million.\u00a0<\/span><\/p>\n

This milestone allows us to continue onboarding new customers, enhance Insly\u2019s platform’s capabilities, and achieve our mission of creating the world’s most successful low\/no-code insurance platform.\u00a0 Find out more about our latest investment round <\/span>here<\/span>.<\/span>\u00a0<\/span><\/a><\/p>\n

Insly showcases its end-to-end insurtech solution at three major trade shows<\/b><\/h2>\n

MGAA 2022 Conference\u00a0<\/b><\/h3>\n

After a three-year sabbatical, we were thrilled to attend the <\/span>MGAA 2022 Conference<\/span><\/a> on 29th June in London.<\/span><\/p>\n

M\u00e4rtin 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.\u00a0<\/span><\/p>\n

\u00a0<\/span>Delegates were impressed with our platform\u2019s 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 <\/span>here<\/span><\/a>.<\/span>\u00a0<\/span><\/a><\/p>\n

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Digital Insurance Agenda (DIA) Conference 2022\u00a0<\/b><\/h3>\n

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 <\/span>Digital Insurance Agenda (DIA) Conference<\/span><\/a> in Amsterdam (29-30 June 2022).\u00a0<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

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.\u00a0<\/span><\/p>\n

For some more information on how Insly\u2019s automated underwriting toolkit can effectively reduce underwriting costs while simultaneously boosting <\/span>sales, check out this <\/span>case study from UKIS<\/span><\/a> (a UK-based MGA specialising in <\/span>Motor Trade Road Risks Only insurance).\u00a0<\/span><\/p>\n

\"InslyBIBA Conference 2022<\/b><\/h3>\n

MGA firm, <\/span>MGA Encompass<\/span><\/a>, exhibited our platform\u2019s capabilities at the <\/span>BIBA Conference<\/span><\/a> in Manchester (held on the 11th and 12th of May 2022). Until last year, the company had not traded its range of Property Owner\u2019s 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\u2019s potential to extend its workload.\u00a0<\/span><\/p>\n

Attendees of the show watched live demonstrations of Insly\u2019s 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.\u00a0<\/span><\/p>\n

 <\/p>\n

Delegates were very impressed with the Insly platform\u2019s intuitive user interface and how streamlined the underwriting tools are in returning an accurate quote.\u00a0<\/span><\/p>\n

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\u2019s bottom line.<\/span><\/p>\n

\"Insurance<\/p>\n

Insly continues to enable MGAs and insurers to operate faster, smarter and cheaper\u00a0<\/b><\/h2>\n

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.\u00a0<\/span><\/p>\n

In the past year, we broadened our network of industry contacts, advisors, and influencers, interviewing insurance experts like <\/span>Marco Del Carlo<\/span><\/a> (CEO of Capacity Place) and<\/span> Richard Finan<\/span><\/a> (Director of Strategic Development at <\/span>Arc Legal Group<\/span><\/a>). 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.\u00a0<\/span><\/p>\n

In the past 12 months, we also saw our internal talent pool expand. We welcomed <\/span>Stephen Lathrope<\/span><\/a> 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.\u00a0<\/span><\/p>\n

Our other ambitions for 2023 include the following:<\/span><\/p>\n