Groundbreaking Identity Fraud Loss Insurance Solution Recognized as Innovative Fraud Solution
NEW YORK–(BUSINESS WIRE)–Instnt, the first AI-powered platform offering insurance coverage for identity and first-party fraud losses, announced today its recognition as an AI Finance: Best Outcomes, Mitigating Fraud winner in Newsweek’s inaugural AI Impact Awards.
Fraud remains a global crisis, with businesses losing $485.6 billion in 2023. Despite the availability of advanced fraud detection tools, financial institutions continue to suffer substantial financial losses from fraud, resulting in operational inefficiencies, restricted customer approvals, and significant compliance challenges.
Instnt is the first and only AI-powered identity fraud loss insurance solution, integrating machine learning-driven risk assessment with access to insurance-backed financial protection. With it, businesses can now offload fraud loss liability while approving more legitimate customers with confidence. Unlike traditional fraud detection tools that merely flag suspicious activity, Instnt absorbs the financial impact of fraud, allowing businesses to focus on growth, customer acquisition, and financial resilience.
“Fraud loss is not going away,” said Sunil Madhu, Founder and CEO of Instnt. “As we continue to weather current economic uncertainty and the results of industry deregulation, banks need to be increasingly strategic in their fraud risk mitigation and how they leverage their tier 1 capital reserves. At Instnt, we’re proud to finally offer them a viable solution – removing the cost of fraud loss from their balance sheets and opening up new avenues for growth and innovation without added risk.”
The Newsweek AI Impact Awards identify and recognize practitioners’ unique use of AI to solve everyday business challenges, celebrating not the big ideas, but instead the impact and outcomes of practical use. Winning entries were selected by a panel of expert judges from a variety of industries and were handpicked by the Newsweek editorial team. To view the full list of winners, click here.
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, a serial entrepreneur, founder and former CEO of $5B fraud identity leader, Socure. For more information, visit www.instant.ai.
Contacts
Media Contact
Instnt, Inc.
(888) 410-0128
Press@instnt.ai
