Insly

Insly develops low-code/no-code software for the non-life insurance industry, aimed at managing general agents (MGAs), insurance companies and brokers. Its modular product suite spans the insurance lifecycle and includes a product builder for creating non-life insurance products without coding, product distribution for broker, direct-to-consumer and embedded insurance workflows, insurance accounting and reporting, and end-to-end claims management, which can be used standalone or combined. The platform digitises and automates mid- and back-office operations such as distribution, policy administration, underwriting, mid-term adjustments, taxation, claims and reinsurance, and integrates with existing legacy and third-party systems through open APIs.

The company also markets an AI layer consisting of an insurance copilot that can run inside a customer's existing software, a drag-and-drop tool for building custom AI agents, and a marketplace of ready-made AI agents; branded products named Nora and Socrates are listed alongside the core modules, and an Insly Claims Portal for policyholders is promoted as a new release. Insly states that customers can typically create a first product draft in a test environment in two to three weeks, configure underwriting rules, templates and automations over one to three months, and be fully operational in about three months or more, with implementation possible in weeks rather than requiring lengthy in-house development.

Insly also offers Brokerflow, a solution for insurance brokers that digitises and streamlines the sales process, and has launched insurance broker proposal software that lets brokers digitise application forms and risk surveys.

Founding story

Founder Risto Rossar, an Estonian entrepreneur educated at Estonian Business School, started IIZI in 2000, described as one of the first digital insurance brokers in the world; IIZI operated in the Baltic states, expanded to Finland and became the largest insurance intermediary in those regions. While building IIZI he observed that insurance companies ran on tangled legacy IT or no systems at all, and that insurance-specific processes could not be automated with generic tools. He sold the brokerage business and spun out its technology platform and team, which became the foundation for Insly.

Business model

Insly licenses its modular insurance software platform to MGAs, insurers and brokers. For the low-code platform it charges set-up fees to configure the system, followed by license fees based on the number of users and the volume of business transacted on the platform. Brokerflow, its broker product, is sold on a subscription model based on user numbers. The company positions its pricing as aligned to customer growth with low upfront costs.

Set-up/configuration fees plus recurring license fees tied to user counts and premium volume transacted for the core platform; user-based subscription pricing for the Brokerflow broker product.

Traction

Insly reports over 200 products built, more than 4,000 brokers using the platform and more than €1bn in gross premiums transacted (about-us page). Earlier disclosures cited over 1,000 brokers, MGAs and insurers as customers, over 15,000 users, more than €0.5bn in gross premiums transacted, customers in 52 countries and global revenue growth of over 30% year on year in 2022. In 2024 the founder reported an €8m annual revenue run rate and profitability, after saying in 2022 that the business was close to breaking even. The company cites platform metrics of 93% GWP growth over three years, 27% year-on-year GWP growth after launch, first quote in 48 hours and 7-14 days to go live with a product, and says customers handle on average double the gross written premium of their previous systems. Named customers include Accelerate Underwriting Limited, Ridge Canada Cyber Solutions and Alta Signa.

Latest developments

Insly is promoting an Insly Claims Portal for policyholders and an AI platform comprising an insurance copilot usable inside existing software, a drag-and-drop builder for custom AI agents and a marketplace of pre-built AI agents. Its management team now includes a separate CEO for the MGA unit, a head of finance and M&A, a managing director for Socrates Systems, a head of insurer go-to-market and AI, and an AI product manager. In November 2023 the company raised €1.7m of venture debt from Hambro Perks, and in 2024 it reported reaching an €8m annual revenue run rate and profitability.