Latest news with #Instnt
Business Wire
6 days ago
- Business
- Business Wire
Instnt Achieves Insurance Certification in New York
NEW YORK--(BUSINESS WIRE)-- Instnt, the world's first identity fraud loss insurance solution, announced today its certification to operate in New York. This milestone marks a key step in the company's expansion strategy following its launch this March. The certification, granted by the New York Insurance Department, is a regulatory approval that allows Instnt to legally market and conduct insurance-related business in the state. '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.' 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. '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. Learn More About Fraud Loss Insurance Fraud Loss Insurance is now available to businesses seeking to transform their approach to fraud risk management. Visit or contact us at hello@ to learn more or request a personalized quote. About Instnt Instnt is a venture-backed insurance technology business headquartered in New York. Instnt's AI mitigates fraud risks for businesses and transfers residual losses to the insurance market through a unique partnership with global A-rated insurers, saving businesses millions in operational and treasury costs. Instnt was founded by its CEO, Sunil Madhu, serial entrepreneur, founder and former CEO of $5B fraud identity leader Socure. For more information, visit Surplus lines coverage is underwritten by a non-admitted insurer and is available only through a properly licensed surplus lines broker. This insurance is neither licensed by nor subject to the supervision or guaranty fund of any state department of insurance.
Finextra
26-06-2025
- Business
- Finextra
Instnt partners Munich Re to bolster ID fraud loss insurance coverage
Instnt announces a strategic partnership with Munich Re to expand reinsurance capacity for its innovative Fraud Loss Insurance product. 0 Instnt's first-of-its-kind solution combines AI-led verification and insurance-backed protection to provide a path to recovery, growth, and lasting resilience against fraud. Fraud has long imposed a heavy burden on businesses, costing an estimated $485.6 billion globally in 2023 (Nasdaq, 2024). Instnt is changing that narrative with a first-of-its-kind solution that merges AI-driven identity verification and fraud detection with insurance-backed protection, helping businesses transfer fraud risk and recover quickly when losses occur. Instnt's partnership with Munich Re, a global reinsurer and leader in insuring emerging technologies, underscores the credibility, strength, and innovation behind Instnt's groundbreaking offering. The collaboration deepens Instnt's relationship with leading insurance companies, which also includes Accredited and Howden, among others. 'Instnt combines AI-based fraud detection technology with financial risk transfer, in case the AI fails to recognize fraud events. This combination of AI and fraud insurance can provide protection for companies against a wide range of fraud events,' said Michael von Gablenz, Head of Insure AI at Munich Re and HSB. 'My team utilizes experience and expertise from our aiSure™ AI insurance solution and acts as reinsurer behind Instnt's Fraud Loss Insurance.' Redefining Fraud Risk Management Instnt's Fraud Loss Insurance solution enables businesses to confidently onboard more legitimate customers while reducing exposure to financial losses resulting from identity fraud. Key features include: • AI-Driven Customer Verification and Fraud Detection – Identify and onboard authentic customers in real time while blocking fraud attempts. • Risk Transfer via Reinsurance – Offload potential losses to a trusted insurance infrastructure supported by Munich Re and others. • Rapid Claims and Recovery – File claims online and receive payouts within 30 days. • Capital Efficiency – Free up fraud reserve capital for growth and operations. 'Our mission is to make fraud a manageable, insurable risk, not a constant cost of doing business,' said Sunil Madhu, Founder and CEO of Instnt. 'With Munich Re's backing, we're delivering the robust underwriting, loss mitigation, and claims management capabilities needed to support this transformative protection.'
Business Wire
24-06-2025
- Business
- Business Wire
Instnt Partners with Munich Re to Bolster Identity Fraud Loss Insurance Coverage
NEW YORK--(BUSINESS WIRE)-- Instnt announces a strategic partnership with Munich Re to expand reinsurance capacity for its innovative Fraud Loss Insurance product. Instnt's first-of-its-kind solution combines AI-led verification and insurance-backed protection to provide a path to recovery, growth, and lasting resilience against fraud. Instnt's partnership with Munich Re, a global reinsurer and leader in insuring emerging technologies, underscores the credibility, strength, and innovation behind Instnt's groundbreaking offering. Fraud has long imposed a heavy burden on businesses, costing an estimated $485.6 billion globally in 2023 (Nasdaq, 2024). Instnt is changing that narrative with a first-of-its-kind solution that merges AI-driven identity verification and fraud detection with insurance-backed protection, helping businesses transfer fraud risk and recover quickly when losses occur. Instnt's partnership with Munich Re, a global reinsurer and leader in insuring emerging technologies, underscores the credibility, strength, and innovation behind Instnt's groundbreaking offering. The collaboration deepens Instnt's relationship with leading insurance companies, which also includes Accredited and Howden, among others. 'Instnt combines AI-based fraud detection technology with financial risk transfer, in case the AI fails to recognize fraud events. This combination of AI and fraud insurance can provide protection for companies against a wide range of fraud events,' said Michael von Gablenz, Head of Insure AI at Munich Re and HSB. 'My team utilizes experience and expertise from our aiSure™ AI insurance solution and acts as reinsurer behind Instnt's Fraud Loss Insurance.' Redefining Fraud Risk Management Instnt's Fraud Loss Insurance solution enables businesses to confidently onboard more legitimate customers while reducing exposure to financial losses resulting from identity fraud. Key features include: AI-Driven Customer Verification and Fraud Detection – Identify and onboard authentic customers in real time while blocking fraud attempts. Risk Transfer via Reinsurance – Offload potential losses to a trusted insurance infrastructure supported by Munich Re and others. Rapid Claims and Recovery – File claims online and receive payouts within 30 days. Capital Efficiency – Free up fraud reserve capital for growth and operations. 'Our mission is to make fraud a manageable, insurable risk, not a constant cost of doing business,' said Sunil Madhu, Founder and CEO of Instnt. 'With Munich Re's backing, we're delivering the robust underwriting, loss mitigation, and claims management capabilities needed to support this transformative protection.' Instnt's Identity Fraud Loss Insurance solution is now available to qualified businesses. For more information or to request a quote, visit or contact hello@ About Instnt Instnt is a venture-backed insurance technology business headquartered in New York. Instnt's AI mitigates fraud risks for businesses and transfers residual losses to the insurance market through a unique partnership with global A-rated insurers, saving businesses millions in operational and treasury costs. Instnt was founded by its CEO, Sunil Madhu, serial entrepreneur, founder and former CEO of $5B fraud identity leader Socure. For more information, visit About Munich Re Munich Re is one of the world's leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the asset management company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. Munich Re leverages its strengths to promote its clients' business interests and technological progress. Moreover, Munich Re develops covers for new risks such as rocket launches, renewable energies, cyber risks and artificial intelligence. In the 2024 financial year, Munich Re generated insurance revenue of €60.8bn and a net result of €5.7bn. The Munich Re Group employed about 44,000 people worldwide as of 31 December 2024.
Yahoo
18-06-2025
- Business
- Yahoo
Instnt Named Newsweek AI Impact Award Winner
Groundbreaking Identity Fraud Loss Insurance Solution Recognized as Innovative Fraud Solution NEW YORK, June 18, 2025--(BUSINESS WIRE)--Instnt, the first AI-powered platform offering insurance coverage for identity and first-party fraud losses, announced today its recognition as an AI Finance: Best Outcomes, Mitigating Fraud winner in Newsweek's inaugural AI Impact Awards. Fraud remains a global crisis, with businesses losing $485.6 billion in 2023. Despite the availability of advanced fraud detection tools, financial institutions continue to suffer substantial financial losses from fraud, resulting in operational inefficiencies, restricted customer approvals, and significant compliance challenges. Instnt is the first and only AI-powered identity fraud loss insurance solution, integrating machine learning-driven risk assessment with access to insurance-backed financial protection. With it, businesses can now offload fraud loss liability while approving more legitimate customers with confidence. Unlike traditional fraud detection tools that merely flag suspicious activity, Instnt absorbs the financial impact of fraud, allowing businesses to focus on growth, customer acquisition, and financial resilience. "Fraud loss is not going away," said Sunil Madhu, Founder and CEO of Instnt. "As we continue to weather current economic uncertainty and the results of industry deregulation, banks need to be increasingly strategic in their fraud risk mitigation and how they leverage their tier 1 capital reserves. At Instnt, we're proud to finally offer them a viable solution - removing the cost of fraud loss from their balance sheets and opening up new avenues for growth and innovation without added risk." The Newsweek AI Impact Awards identify and recognize practitioners' unique use of AI to solve everyday business challenges, celebrating not the big ideas, but instead the impact and outcomes of practical use. Winning entries were selected by a panel of expert judges from a variety of industries and were handpicked by the Newsweek editorial team. To view the full list of winners, click here. Learn More About Fraud Loss Insurance Fraud Loss Insurance is now available to businesses seeking to transform their approach to fraud risk management. Visit or contact us at hello@ to learn more or request a personalized quote. About Instnt Instnt is a venture-backed insurance technology business headquartered in New York. Instnt's AI mitigates fraud risks for businesses and transfers residual losses to the insurance market through a unique partnership with global A-rated insurers, saving businesses millions in operational and treasury costs. Instnt was founded by its CEO, Sunil Madhu, a serial entrepreneur, founder and former CEO of $5B fraud identity leader, Socure. For more information, visit View source version on Contacts Media Contact Instnt, Inc.(888) 410-0128Press@ Sign in to access your portfolio
Business Wire
18-06-2025
- Business
- Business Wire
Instnt Named Newsweek AI Impact Award Winner
NEW YORK--(BUSINESS WIRE)-- Instnt, the first AI-powered platform offering insurance coverage for identity and first-party fraud losses, announced today its recognition as an AI Finance: Best Outcomes, Mitigating Fraud winner in Newsweek's inaugural AI Impact Awards. Fraud remains a global crisis, with businesses losing $485.6 billion in 2023. Despite the availability of advanced fraud detection tools, financial institutions continue to suffer substantial financial losses from fraud, resulting in operational inefficiencies, restricted customer approvals, and significant compliance challenges. Instnt is the first and only AI-powered identity fraud loss insurance solution, integrating machine learning-driven risk assessment with access to insurance-backed financial protection. With it, businesses can now offload fraud loss liability while approving more legitimate customers with confidence. Unlike traditional fraud detection tools that merely flag suspicious activity, Instnt absorbs the financial impact of fraud, allowing businesses to focus on growth, customer acquisition, and financial resilience. 'Fraud loss is not going away,' said Sunil Madhu, Founder and CEO of Instnt. 'As we continue to weather current economic uncertainty and the results of industry deregulation, banks need to be increasingly strategic in their fraud risk mitigation and how they leverage their tier 1 capital reserves. At Instnt, we're proud to finally offer them a viable solution - removing the cost of fraud loss from their balance sheets and opening up new avenues for growth and innovation without added risk.' The Newsweek AI Impact Awards identify and recognize practitioners' unique use of AI to solve everyday business challenges, celebrating not the big ideas, but instead the impact and outcomes of practical use. Winning entries were selected by a panel of expert judges from a variety of industries and were handpicked by the Newsweek editorial team. To view the full list of winners, click here. Learn More About Fraud Loss Insurance Fraud Loss Insurance is now available to businesses seeking to transform their approach to fraud risk management. Visit or contact us at hello@ to learn more or request a personalized quote. About Instnt Instnt is a venture-backed insurance technology business headquartered in New York. Instnt's AI mitigates fraud risks for businesses and transfers residual losses to the insurance market through a unique partnership with global A-rated insurers, saving businesses millions in operational and treasury costs. Instnt was founded by its CEO, Sunil Madhu, a serial entrepreneur, founder and former CEO of $5B fraud identity leader, Socure. For more information, visit
