Instnt launches AI-powered Fraud Loss Insurance

Backed by Accredited, Howden and other global AM Best A-rated insurers, Instnt has launched Fraud Loss Insurance to help businesses reduce fraud exposure, approve legitimate customers confidently, and recover quickly when losses occur.

Fraud cost businesses a staggering $485.6 billion globally in 2023. The challenge of underwriting fraud loss risk has persisted due to the intricate nature of fraud, the variability of losses, complex mitigation strategies, and the fragmented tools businesses employ to manage these risks.

Instnt’s new solution aims to revolutionize this landscape by integrating proactive, AI-powered verification with comprehensive insurance protection against escalating financial risks.

Key benefits of Instnt’s Fraud Loss Insurance include:

• Risk Transfer: Complete underwriting of fraud losses, freeing up essential capital for growth and innovation.
• AI-Driven Risk Assessment: Advanced identification of fraudulent activity patterns to enhance underwriting and optimize financial protection.
• Rapid Financial Recovery: Streamlined online claims processing with payouts within 30 days.
• Customer Growth Enablement: Increased confidence in approving legitimate customers, driving acquisition and revenue growth.

Sunil Madhu, Founder and CEO of Instnt, said: “Chief Finance and Risk Officers, along with their teams, can finally add Fraud Loss Insurance to their risk management programs to shift significant losses off their balance sheets and turn risk capital reserves into working capital, fattening margins and growing their business at the pace they desire, for cents on each dollar of loss.

“Our capacity providers require robust underwriting, loss mitigation and claims management capabilities for their programs, which we can demonstrate with this new type of insurance coverage, now available from Instnt and your insurance brokers.”

Instnt’s unified platform tackles fraud risk in the digital economy by seamlessly merging cutting-edge verification tools with robust insurance coverage, overcoming the limitations of traditional models that often force businesses to navigate siloed verification systems and inadequate insurance protection.

Grace Meek, President at Accredited, stated: “Accredited is excited to partner with Instnt on its innovative fraud loss insurance program, tailored for financial institutions and businesses aiming to manage fraud while fostering growth.

“Instnt’s solution, featuring an AI-managed platform, advanced fraud detection, loss underwriting technology, and automated claims management, is backed by the world’s largest reinsurance capacity providers. By combining Accredited’s extensive experience, network, and scale with Instnt’s technology-driven approach, we anticipate a highly successful partnership.”

“At Howden, we’re always looking for new ways to innovate, and this novel and robust protection against authorized push payment (APP) fraud is exciting because it provides both a real-time front-end risk management tool and also an insurance back-stop with A-rated insurers. Instant’s Fraud Loss Insurance is a first and demonstrates how it is possible to be at the forefront of change and better the conventional protections for our financial institution clients,” shared John Greene, Head of the Banks & Wealth team at Howden.

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