Instnt partners with Munich Re to expand capacity for its fraud loss product

By Mia MacGregor

June 24 - (The Insurer) - Venture-backed insurtech Instnt has partnered with Munich Re to expand reinsurance capacity for its fraud loss insurance product.

Based in New York, Instnt offers a solution that integrates AI-driven identity verification and fraud detection with insurance-backed protection. This enables businesses to transfer fraud risk and recover swiftly when losses occur, according to the company.

Instnt has emphasised that its partnership with Munich Re strengthens its connections with other companies, including Accredited and Howden.

The insurtech was founded in 2019 by CEO Sunil Madhu, former CEO of fraud identity firm Socure.

“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 utilises experience and expertise from our aiSure AI insurance solution and acts as reinsurer behind Instnt’s fraud loss insurance,” he added.