Identity Fraud Loss Insurance Provider Confirms Compliance with State’s Insurance Regulations

NEW YORK: 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.

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 https://instnt.ai or contact us at hello@instnt.ai 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 https://instnt.ai.

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.

Fonte: Business Wire