Instnt Achieves Insurance Certification in New York

New York has officially granted Instnt Insurance Certification, which is a major  milestone for the insurtech’s trusted digital onboarding platform. This approval lets Instnt offer more services in the state and shows that it is still committed to safety, following the rules, and doing things well.

To achieve certification, Instnt underwent a thorough review by the state’s insurance regulators to ensure it meets all legal and operational requirements. This certification is a regulatory compliance requirement that allows Instnt to operate legally in New York. While it does not directly impact or alter the customer experience, it ensures that Instnt is aligned with regional legal frameworks and reinforces its commitment to responsible and compliant operations. Without this certification, Instnt could not promote or sell its product within the state of New York.

With the Instnt Insurance Certification, the company can now offer insurers in New York’s regulatory framework easier ways to get started.

“Securing our New York license reflects our commitment to responsible, compliant growth,” said Sunil Madhu, Founder and CEO of Instnt. “Fraud isn’t limited by location. As we expand access to our identity fraud loss insurance solution to new markets, we continue to ensure our operations meet the highest regulatory standards in every location.”

Fraud is inevitable. In 2023, businesses lost $485.6 billion globally, and in North America, every dollar lost to a fraudster costs financial institutions an average of $4.41. Instnt is pioneering a new category of identity fraud loss protection, providing risk transfer capabilities through insurance that businesses are already used to.

Instnt’s solution leverages AI-powered identity fraud detection to help businesses shift residual fraud losses off their balance sheets to global AM Best A-rated insurers. With no-code and low-code integration, Instnt works alongside existing fraud detection tools for fast deployment and immediate coverage.

Getting the Instnt Insurance Certification in New York helps the platform reach its long-term goal of making it easier to follow the rules and speed up digital transformation in the insurance industry.