About Instec
Instec is a Financial Services company based in Naperville (United States) founded in 1982, and was acquired by Insurity in April 2021. Cloud-based software for commercial property and casualty insurance is provided. The company has 159 employees. The company was acqui-hired. Instec offers products and services including Insurity Platform, Insurity Analytics, and Premium Audit. Its focus areas include FinTech, Insurance IT, Insurance Policy Solutions and Insurance Software Suite. Its legal entity is Instec Inc. Its competitors include Guidewire, Bold Penguin and BetterView; 2 of its 3 listed competitors have raised funding.
Company details
Instec was founded in 1982 and is headquartered in Naperville, United States. Cloud-based insurance software is offered for the commercial property and casualty sector. The platform encompasses rating, policy administration, and billing functionalities. Managing general agents and brokers are supported in launching new products and generating quotes through these tools. Operations focus on enabling efficient insurance processes in the industry.
- Headquarters Naperville, United States
- Employees 159
- Stage Acquired
- SectorsFinancial Services
- Website instec-corp.com
- Social LinkedIn X
- Acquired by Insurity (Apr 2021)
- Legal Name Instec Inc
Products & Services of Instec
Instec offers a comprehensive portfolio of products and services, including Insurity Platform, Insurity Analytics, and Premium Audit.
Comprehensive platform for policy and claims management in insurance
Cloud-native platform for insurance data analysis and insights
Automates premium audit processes for insurers
Investors in Instec
Instec has secured backing from 1 investor. Prominent investors backing the company include Insurity.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Insurity is recognized for providing cloud-native insurance software solutions. | 1985 | insurity.com | Hartford, United States |
Investor details for Instec
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Timeline of Instec
2 dated milestones of Instec across 39 years, from founding to its latest funding, stage changes and deals.
- Founded Instec is founded.
- Exit Acquired by Insurity.
Competitors of Instec
Instec has 3 listed competitors in our database, 2 of them funded. They include Guidewire, Bold Penguin and BetterView.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| guidewire.com | 2001 | San Mateo, United States | 3,415 | Cloud-based platform for property and casualty insurance is provided. | ||
| boldpenguin.com | 2016 | Columbus, United States | $32.1M | 210 | Software suite is offered for commercial insurance quoting and binding. | |
| betterview.com | 2004 | San Francisco, United States | $15.55M | 58 | Insurance policy management and risk management solutions for the P&C insurance industry |
Detailed competitors of Instec
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Top companies in Insurance Technology & Support Services
3 companies that operate in the same segment as Instec (Insurance Technology & Support Services) in United States, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Cloud-based platform for property and casualty insurance is provided. | 2001 | San Mateo, California, United States | USD 1.48 B | 226 | ||
Claims administration, loss adjusting, and benefits management services are provided. | 1969 | Memphis, Tennessee, United States | USD 2.63 M | |||
Online property and casualty insurance is provided for businesses. | 2017 | San Francisco, California, United States | USD 800 M | 699 |
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Related news about Instec
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Frequently Asked Questions about Instec
Instec was founded in 1982.
Instec is headquartered in Naperville, United States. It is registered at Naperville, Illinois, United States.
Instec has 159 employees.
Instec was founded in 1982 and is headquartered in Naperville, United States. Cloud-based insurance software is offered for the commercial property and casualty sector. The platform encompasses rating, policy administration, and billing functionalities. Managing general agents and brokers are supported in launching new products and generating quotes through these tools. Operations focus on enabling efficient insurance processes in the industry.
Instec's top competitors include Guidewire, Bold Penguin and BetterView.
Instec offers Insurity Platform, Insurity Analytics, and Premium Audit.
Instec has 1 investor. Key investors include Insurity.
Instec operates through Instec Inc.
Yes. Instec was acquired by Insurity in April 2021.