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.