Instnt Achieves Certification for Identity Fraud Loss Insurance in New York

News Summary

Instnt has obtained certification to operate as an identity fraud loss insurance provider in New York, allowing it to legally market its insurance products. This crucial step follows a thorough review by the New York Insurance Department, enabling Instnt to contribute to fraud risk management in response to rising global business losses due to fraud, which reached $485.6 billion in 2023. The company offers a unique insurance solution featuring AI-powered detection and seamless integration with existing tools, reinforcing its position as a leader in fraud risk mitigation.

New York, NY – Instnt has officially achieved certification to operate as an identity fraud loss insurance provider in New York, following the approval from the New York Insurance Department. This certification represents a significant milestone in the company’s expansion strategy that began with its launch in March 2023.

The newly acquired certification enables Instnt to legally market and sell its insurance-related products within the state. Prior to this, the company was unable to promote or engage in any insurance activities, making this approval a crucial step for their business operations.

The New York Insurance Department conducted a thorough review of Instnt’s business model and operational practices to ensure compliance with state insurance laws. This stringent evaluation underscores Instnt’s commitment to maintaining responsible business operations and adhering to regulatory frameworks within the insurance sector.

Recent statistics have highlighted the pressing issue of fraud, indicating that global business losses due to fraudulent activities reached an alarming $485.6 billion in 2023. Particularly, North American financial institutions reported average losses of $4.41 for every dollar lost to fraud, emphasizing the urgent need for effective solutions in fraud risk management.

Instnt is pioneering a new category of identity fraud loss protection through their innovative insurance offering. The company’s solution employs advanced AI-powered identity fraud detection, which serves to transfer residual fraud losses to AM Best A-rated global insurers. This approach allows businesses to mitigate their exposure to financial loss resulting from fraud.

Furthermore, Instnt’s service features no-code and low-code integration capabilities, allowing for seamless deployment with existing fraud detection tools. This flexibility enables businesses to quickly adopt Instnt’s solutions and establish coverage without significant disruptions to their operations.

As the landscape of fraud continues to evolve, Instnt aims to transform how businesses manage fraud risks. Their insurance offerings provide an essential safety net for companies seeking effective loss protection and support as they navigate the challenges posed by identity fraud.

Businesses interested in learning more about Instnt’s Fraud Loss Insurance solutions can visit the company’s website or reach out directly for quotes and further information. By establishing itself in New York, Instnt not only expands its market reach but also reinforces its position as a leader in fraud risk mitigation.

Instnt, a venture-backed insurance technology company headquartered in New York, was founded with a mission to save businesses operational costs through unique partnerships with insurance providers. With this certification, Instnt is well-positioned to offer its innovative solutions to companies across the state, significantly contributing to the ongoing efforts to curb fraud on a larger scale.

Deeper Dive: News & Info About This Topic

HERE Resources

TEMCO Construction Owners Charged with Wire Fraud
New York Senate and Assembly Passes FAIR Business Practices Act
New York Passes FAIR Business Practices Act to Protect Consumers
New York Passes $254 Billion State Budget Amid Controversy
New York State Passes $254 Billion Budget Amid Controversies
New York Attorney General Proposes FAIR Business Practices Act
New York Proposes FAIR Business Practices Act for Consumer Protection
New York Attorney General Introduces Consumer Protection Act
Opposition Grows Against New York’s FAIR Business Practices Act
New York Legislature Approves $254 Billion Budget Package

Additional Resources

• Insurance Journal
• Business Wire
• NBC New York
• Google Search: insurance fraud
• Wikipedia: Insurance Fraud