17th September 2023
Insly, the no-code software platform for Managing General Agents (MGAs), insurers, and insurance brokers has recorded a 36% rise in license fees in the first six months of 2023, while the number of newly onboarded customers has doubled. Overall, it also achieved record revenues of E3m for the six months to June, an increase of 25% over the same period in 2022. This is the company’s tenth consecutive year of growth, having celebrated a decade in business in August.
The company attributes H1 growth to its shift towards a product-centric approach, evident in the rapid growth of license fees(monthly recurring fees paid by new and existing customers) compared to total revenues.
Insly’s no-code product, re-launched at the beginning of 2022, is highly customisable and easily configurable, reducing the need for lengthy and costly development and implementation time. The time required for new customer implementations has been reduced by more than threefold in two years, greatly reducing implementation costs. Insly has also launched new claims, accounting, and reporting modules in the last 12 months.
“The strategic evolution of our offering has seen Insly evolve towards an even stronger product-centric approach, based around our no-code platform,” says Risto Rossar, founder and ceo of Insly. “The fruits of this transformation are reflected in our H1 financial results, further validating our commitment to the no-code ethos, and leveling the playing field in the insurance sector by dramatically streamlining system configurations for MGAs and Insurers. Any insurance company can now digitise its operations without IT expertise, big company budgets, or extensive resources, thus greatly accelerating innovation across the sector.”
Founded by Rossar, Insly is a London and Tallinn-based insurTech, which enables insurers, MGAs, brokers, and underwriters to digitise and automate their mid and back-office operations, including distribution, policy administration, underwriting, claims, and reinsurance.
In the last ten years, Insly has grown to a team of 100, with offices in Tallinn(core development unit), London (HQ), Vilnius, and Warsaw. It serves over 1,000 brokers, MGAs, and insurers, with over 15,000 users, and over E0.5bn gross premiums transacted on the platform. Its customers span 52 countries around the globe.
Insly Trends(4 articles)